Intraday bias remains bullish as long as support 0.8550 holds. It hit a high of 0.86696 and is currently trading around 0.86589.
The policy divergence between the US Fed and SNB supports the pair at lower levels.
As of mid-October 2024, the Swiss Franc has depreciated to approximately 0.85 CHF per USD, coinciding with lower-than-anticipated inflation figures in Switzerland, which fell to 0.8%, compared to the expected 1.1%. This backdrop has intensified speculation regarding possible interest rate reductions by the Swiss National Bank (SNB) in future meetings.
Technicals-
The pair is trading above 34 and 55 EMA in the 4-hour chart.
The near-term resistance is around 0.8670 any break above targets is 0.8698/0.8750. The bearish pattern from 0.92244 will get completed at 0.8375 if the pair close above 0.8750. A jump to 0.8800/0.8925 is possible. The immediate support is at 0.8620, any violation below will drag the pair to 0.8580/0.8550/0.8525/ 0.84990/0.8440/0.8420/0.8390/0.8365 (61.% fib projection)/0.8340.
Indicator (4-hour chart)
CCI (50)- Bullish
Average directional movement Index - Neutral. Overall trend is bullish
It is good to buy on dips around 0.8630 with SL around 0.8578 for a TP of 0.8748.
