USDCHF pared some of its gains made the past week due to profit booking. The pair gained above parity after Russia strikes 80 cruise missiles against Ukraine. Markets eye Swiss National bank Chairman Jordan's speech today for further direction.
According to the CME Fed watch tool, the probability of a 75 bpbs rate hike in Nov rose to 78.4% from 64.7% a week ago.
Technically in the 4-hour chart, the pair is holding above short-term (21- and 55 EMA) and 200 EMA (0.97823). Any break below 0.9900 will take the pair to 0.98490/0.780. USDCHF had an intraday low of 0.9930 and is currently trading around 0.99512.
The near-term resistance is around 1.0025 and any breach above targets 1.00650/1.0125.
Indicators (4-hour chart)
CCI (50)- Bullish
ADX- Neutral
It is good to buy on dips around 0.9950 with SL around 0.989 for a TP of 1.00650.
