Major Intraday resistance -0.9180
Intraday support- 0.9100
The pair is trading in a narrow range between 0.90848 and 0.91757 for the past week. It rose 0.6% in October in line with a forecast of 0.6%. The yearly PPI increased 8.6%, the highest annual pace in 11 years. Markets eye US CPI and Unemployment claims for further direction.USDCHF hits an intraday high of 0.91389 and is currently trading around 0.91367.
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 0.9100. Any convincing breach below targets 0.9070/0.9020/0.9000.
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.
