FxWirePro- USDCHF Daily outlook
Major Intraday resistance -0.9160
Intraday support- 0.9070
The pair is consolidated in a narrow range between 0.91511 and 0.91047 for the past three days. The intraday trend is still weak as long as 0.9160 holds. Markets eye US Non-farm payroll data for further direction. The declining US treasury yields are supporting safe-haven currencies like the Swiss franc. 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 neutral.
Trend-Bearish
USDCHF is facing strong resistance around 0.9160. 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.
