The pair is trading flat after hitting a 28-month high at 0.99750. According to the CME Fed watch tool, the probability of a 50 bpbs rate hike declined to 86% compared to 90.5% a week ago. Markets eye US CPI data for further direction. USDCHF hits an intraday low of 0.99381 and is currently trading around 0.99451.
Bullish scenario-
The primary level to Watch – is 1.00. Any convincing surge above confirms intraday bullishness. A jump to 1.00276/1.0050/1.0100 is possible.
Bearish scenario-
Intraday support – 0.9900. Break below that level will take the pair to 0.9850/0.9800.
Indicators (Daily chart)
Directional movement index – Bullish
CCI (50) - Bullish
It is good to buy on dips around 0.9900 with SL around 0.9840 for a TP of 1.00.
