Major Intraday resistance -0.92750
Intraday support- 0.9180
The pair has halted its one week of the bullish trend and shown a minor weakness. USDCHF was one of the best performers the previous week on upbeat US inflation data. This has increased hopes of the June Fed hike. The US dollar index hits a 16-month top and holds above 95 levels. A jump till 96 is possible. The slight weakness in US treasury yields is preventing the pair from further upside. US dollar. USDCHF hits a high of 0.92378 and is currently trading around 0.91965.
Woodies and CCI analysis-
The CCI (50) is trading above zero lines (bullish trend).In Woodies CCI it is trading below zero line. This confirms the trend is neutral.
Trend-Neutral
USDCHF is facing strong resistance around 0.9240. Any break above targets 0.92750/0.93750. It should surge past 0.9370 for further bullish continuation. A jump to 0.9400/0.9425 is possible. On the lower side, immediate support is around 0.9180. Any convincing breach below targets 0.9140/0.9100/0.9070.
Indicator (4-hour chart)
Directional movement index - Bullish
It is good to buy on dips around 0.9168-70 with SL around 0.9130 for a TP of 0.92750.
