FxWirePro- USDCHF Intraday trade Idea

USDCHF showed a nice jump in the European session after SNB monetary policy. The central bank hiked rates by 75 bpbs from -0.25% to 0.50% and exits negative rates. It said that it cannot rule out further rate hikes.

Yesterday the US fed increased rates by 75 bpbs in line with expectations to tackle inflation. In new economic projections, the Fed projects the interest e to reach 4.4% in 2022, and 4.65% in 2023. It has been said that job growth is robust and inflation remains "elevated".

Technically in the 4-hour chart, the pair is holding below above short term (21- and 55 EMA) and  200 EMA (0.96589). Any break below 0.9470 will take the pair to 0.9430/0.9370. USDCHF hits an intraday low of 0.95449 and is currently trading around 0.95512.

The near-term resistance is around 0.9550 and any breach below targets 0.9600/0.9660/0.9725.

Indicators (4-hour chart)

CCI (50)- Bearish

ADX- Bearish

It is good to buy on dips around 0.9700 with SL around 0.9650 for TP of 0.9800.