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FxWirePro- USDCHF Intraday trade Idea

USDCHF breaks significant resistance 0.99685 on board-based US dollar buying. DXY gained momentum after upbeat US NFP data. The US economy has added 263K jobs in Sep compared to a forecast of 265000. The unemployment rate dropped to 3.5% vs3.7% the previous month.

 

According to the CME Fed watch tool, the probability of a 75 bpbs rate hike in Nov rose to 78.1%  from 56.5% a week ago.

 

Technically in the 4-hour chart, the pair is holding above short-term (21- and 55 EMA) and 200 EMA (0.97563). Any break above 1.000 will take the pair to 1.0065/1.0130/1.0240. USDCHF hits an intraday high of 0.99911 and is currently trading around 0.99776.

 

The near-term support is around 0.9935 and any breach below targets 0.9900/0.9850/0.9780.

 

Indicators (4-hour chart)

 

CCI (50)- Bullish

 

ADX- Bullish

 

It is good to buy on dips around 0.9960 with SL around 0.9900 for a TP of 1.0120.

 

 

 

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