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Major resistance- 0.9520
Candlestick pattern- Shooting star (8-hour chart)
RSI Bearish divergence (8-hour chart)
The pair has halted its one week of the bullish trend and shown a minor profit booking. It was one of the best performers this month and surged more than 250 pips. The dollar gained sharply in hopes of Fed aggressive rate hike and strong US treasury yields. According to the CME Fed watch tool, the probability of a 50 bpbs rate hike in May increased to 95.4 % from 90.4% one week ago. USDCHF hits an intraday high of 0.94658 and is currently trading around 0.94761.
Bullish scenario-
The primary level to Watch – is 0.9520 (200-W MA). Any weekly close above confirms major bullishness. A jump to 0.9560/0.9600 is possible.
Bearish scenario-
Intraday support – 0.9460. Break below that level will take the pair to 0.9430/0.9380/0.9340.
Indicators (8-Hour chart)
Directional movement index – neutral
CCI (50) - Bullish
It is good to sell on rallies around 0.94825-45 with SL around 0.9525 for a TP of 0.9380.
