Major Intraday resistance -0.9220
Intraday support- 0.9130
The pair has shown a solid pullback of more than 90 pips on board-based US dollar buying. The US dollar index surged after upbeat US CPI data. It rose 0.9% in October compared to a forecast of 0.90% The 12-month inflation surged to 6.2%, the biggest gain since 1990. The number of people who have filed for unemployment benefits fell by 4000 last week to 267000, the lowest level since the pandemic. USDCHF hits a high of 0.91974 and is currently trading around 0.91367.
Woodies and CCI analysis-
The CCI (50) and Woodies CCI is trading above zero lines (bearish trend). This confirms the trend is bullish neutral.
Trend-Bearish
USDCHF is facing strong resistance around 0.9220. Any break above targets 0.92750/0.93750. 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 0.9130. Any convincing breach below targets 0.9100/0.9070/0.9020/0.9000.
Indicator (4-hour chart)
Directional movement index - Bullish
It is good to buy on dips around 0.9168-70 with SL around 0.9130 for a TP of 0.92750.
