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FxWirePro-USDCHF Daily Outlook

The pair is trading flat after hitting a 28-month high at 0.99750. According to the CME Fed watch tool, the probability of a 50 bpbs rate hike declined to 86% compared to 90.5% a week ago.  Markets eye US CPI data for further direction. USDCHF hits an intraday low of 0.99381 and is currently trading around 0.99451.

 

Bullish scenario-

The primary level to Watch – is 1.00. Any convincing surge above confirms intraday bullishness. A jump to 1.00276/1.0050/1.0100 is possible.

 

 Bearish scenario-

 

Intraday support – 0.9900.  Break below that level will take the pair to 0.9850/0.9800.

 

Indicators (Daily chart)

 

 Directional movement index – Bullish

 

 CCI (50) - Bullish

 

 It is good to buy on dips around 0.9900 with SL around 0.9840 for a TP of 1.00.

 

 

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