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The pair lost more than 100 pips on board-based US dollar selling. Demand for safe-haven rose as Dow Jones slumped more than 1000 points yesterday.US new home constructions slipped to 1.72M in Apr vs. a forecast of 1.75M on rising rates. Markets eye Philly fed manufacturing index and existing home sales for further direction. According to the CME Fed watch tool, the probability of a 50 bpbs rate hike dropped to 90.5% from 92.5 a week ago.USDCHF hits an intraday low of 0.98120 and is currently trading around 0.98124.
Bullish scenario-
The primary level to Watch – is 0.9890. Any break above shows a minor bullishness. A jump to 0.9950/1.000. is possible. Significant bullish continuation only if it breaks 1.0070.
Bearish scenario-
Intraday support – 0.9780. Break below that level will take the pair to 0.9700/0.9670
Indicators (4-hour chart)
Directional movement index – Bearish
CCI (50) - bearish
It is good to sell on rallies around 0.9848-50 with SL around 0.9918 for a TP of 0.9670.
