Major Intraday resistance -0.92750
Intraday support- 0.9180
The pair continues to trade higher for second consecutive days and surged more than 100 pips on board-based US dollar buying. The jump in US inflation has increased hopes of a rate hike by Fed is pushing US dollar prices higher. The US dollar index hits a 13-month top and holds above 95 levels. A jump till 96 is possible. The pullback in US treasury yields also supports the US dollar. USDCHF hits a high of 0.92296 and is currently trading around 0.92173.
Woodies and CCI analysis-
The CCI (50) and Woodies CCI is trading above zero lines (bullish trend). This confirms the trend is bullish.
Trend-Bearish
USDCHF is facing strong resistance around 0.9240. 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 0.9180. Any convincing breach below targets 0.9140/0.9100/0.9070.
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.
