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FxWirePro- USDCHF Intraday trade Idea

Intraday trend – Bearish

 

Major intraday support – 0.9150

 

The pair is trading weak for a second consecutive week and lost more than 135 pips. The intraday trend is weak as long as resistance 0.92750. The US dollar showed a recovery after hawkish Fed Chairman testimony in the senate. But worries of new coronavirus Omicron is supporting Swiss franc. Market eyes US ADP employment for further direction. The US 10-year yield regained more than 5% is preventing the pair from further sell-off. It hits an intraday low of 0.91728 and is currently trading around 0.91975.

 

The near-term resistance is around 0.9240, any breach above targets 0.92750/0.9330/0.93750. Significant support to be watched is 0.9150; the violation below will drag the pair down to 0.90935/0.9050.

 

Indicators (4 Hour chart)

 

Directional movement index – Neutral

 

CCI (50) - Bearish

 

It is good to sell on rallies around 0.9238-40 with SL around 0.92750 for a TP of 0.9100.

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