The pair recovered strongly on board-based US dollar buying. Markets eye US Non-farm payroll data for further direction. The number of people who have filed for unemployment benefits rose by 4000 to 235000 previous week compared to an estimate of 230000. According to the CME Fed watch tool, the probability of a 75 bpbs rate hike in Jul rose to 92.7% from 82.6% a week ago.USDCHF hits a high of 0.97970 at the time of writing and is currently trading around 0.97754.
Bullish scenario-
The primary level to Watch – is 0.9785. Any convincing surge above confirms intraday bullishness. A jump to 0.9810/0.98650 is possible.
Bearish scenario-
Intraday support – 0.9720. Break below that level will take the pair to 0.9660/0.9600/0.9520/0.9460/0.9430/0.9380.
Indicators (4-Hour chart)
Directional movement index – Bullish
CCI (50) - Bullish
It is good to buy on dips around 0.9748-50 with SL around 0.9700 for a TP of 0.9845.
