Major Intraday resistance -0.9160
Intraday support- 0.9070
The pair declined after a minor pullback till 0.91503. The intraday trend is still weak as long as 0.9160 holds. Markets eye US Fed monetary policy for further direction. US Fed is expected to announce the start of tapering of its massive asset purchases. US dollar index regained sharply above 94 levels and any surge past 94.50 confirms further bullishness.
Woodies and CCI analysis-
The CCI (50) is trading below zero lines (bearish trend). But Woodies CCI is above zero line This confirms the trend not confirmed.
Trend-Bearish
USDCHF is facing strong resistance around 0.9130. Any break above targets 0.9175/0.9200/0.9220. It should surge past 0.9370 for further bullish continuation. A jump to 0.9400/0.9425 is possible. On the lower side, immediate support is around 0.9070. Any convincing breach below targets 0.9020/0.9000.
Indicator (4-hour chart)
Directional movement index - Neutral
It is good to buy on dips around 0.9098-10 with SL around 0.9070 for a TP of 0.9175.
