Major Intraday resistance -0.9180
Intraday support- 0.9070
The pair has once again declined after a minor pullback above 0.91750. The short-term trend is bearish as long as resistance 0.9180 holds. The US economy has added 531000 jobs in Sep compared to a forecast of 455000. While the unemployment rate dropped to 4.6% vs 4.7% last. The decline in the labor participation rate has dragged US treasury yields lower to a four-week low. US dollar index declined sharply after a jump above 94.50. Any close above 94.50 confirms a bullish continuation.
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 0.9180. Any break above targets 0.9220/0.92750. 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.
