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.
