The pair regained above 0.9950 on board-based US dollar buying. According to the CME Fed watch tool, the probability of a 50 bpbs rate hike rose to 93.3% from 86.4% a week ago.US CPI cools off to 8.3% from March's 40-year high of 8.5%. The inflation is better than the forecast of 8.1%. USDCHF hits an intraday high of 0.99686 and is currently trading around 0.99625.
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 – 0.9870. Break below that level will take the pair to 0.9800/0.9760.
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.
