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The pair is trading weak for a second consecutive week and declined more than 300 pips. The Swiss franc performed well against all majors the previous week after SNB chairman Jordan said that the central bank was ready to take action if inflation increased sharply. According to the CME Fed watch tool, the probability of a 50 bpbs rate hike dropped to 91.50% from 94.90% a day ago.USDCHF hits an intraday low of 0.96651 and is currently trading around 0.96642
Bullish scenario-
The primary level to Watch – is 0.9780. Any break above shows a minor bullishness. A jump to 0.9850/0.9900. is possible. Significant bullish continuation only if it breaks 1.0070.
Bearish scenario-
Intraday support – 0.9660. Break below that level will take the pair to 0.9600/0.9500.
Indicators (4-hour chart)
Directional movement index – Bearish
CCI (50) - bearish
It is good to sell on rallies around 0.9700 with SL around 0.97550 for a TP of 0.9500.
