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The pair surged sharply by more than 850 pips from a minor bottom of 0.91920 on fed rate hikes. According to the CME Fed watch tool, the probability of a 50 bpbs rate hike dropped to 89.8% from 90.8% a week ago.US University of Michigan sentiment index declined to 59.1in May compared to an estimate of 64, the lowest since Aug 2011.USDCHF hits a high of 1.00492 and is currently trading around 1.00535.
Bullish scenario-
The primary level to Watch – is 1.0050. Any convincing surge above confirms intraday bullishness. A jump to 1.010/1.0235 is possible.
Bearish scenario-
Intraday support – 0.9980. Break below that level will take the pair to 0.9950/0.9900/0.9870.
Indicators (4-hour chart)
Directional movement index – Bullish
CCI (50) - Bullish (Bearish divergence)- Minor selling can occur to 0.9900.
It is good to buy on dips around 0.9950 with SL around 0.9900 for a TP of 1.010.
