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.
FOMC member Speech-
In a speech on October 21, 2024, Neel Kashkari, the President of the Minneapolis Federal Reserve, talked about how the Federal Open Market Committee (FOMC) is thinking about changing interest rates. He expressed his belief that interest rate cuts should happen at a slower pace in the upcoming months after a bigger cut was made last month.
Technicals-
The pair is trading above 34 and above 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 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.
