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Major Intraday resistance -0.9375
Intraday support- 0.9270
The pair has shown massive buying on board-based US dollar buying. The upbeat economic data and surge in inflation have increased hopes of the Fed to raise rates. US retail sales rose 1.7% in Oct compared to the forecast of 1.4%. The US dollar index hits its highest level since Jul 2020. A jump till 97 is possible. USDCHF hits a high of 0.93298 and is currently trading around 0.93058.
Woodies and CCI analysis-
The CCI (50) and Woodies CCI is trading above zero lines (bullish trend). It confirms the trend is bullish.
Trend- Bullish
USDCHF is facing strong resistance around 0.9370. Any break above targets 0.9400/0.9450 is possible. On the lower side, immediate support is around 0.9270. Any convincing breach below targets 0.9230/0.9180.
Indicator (4-hour chart)
Directional movement index - Bullish
It is good to buy on dips around 0.9270-75 with SL around 0.9240 for a TP of 0.9380.
