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The pair continues to trade higher for the fourth consecutive day on board-based US dollar buying. The upbeat economic data and surge in inflation increased the chance of aggressive rate hikes by the Fed. According to the CME Fed watch tool, the probability of a 50 bpbs rate hike in Jul increased to 88.6% from 85.1 % a day ago. USDCHF hits an intraday high of 0.97840 and is currently trading around 0.97824.
Bullish scenario-
The primary level to Watch – is 0.9785. Any convincing surge above confirms intraday bullishness. A jump to 0.9810/0.98650/0.9900 is possible.
Bearish scenario-
Intraday support – 0.9700. Break below that level will take the pair to 0.9660/0.9600/0.9540.
Indicators (Daily chart)
Directional movement index – Neutral
CCI (50) - Bullish
It is good to buy on dips around 0.9760 with SL around 0.9700 for a TP of 0.9900.
