FxWirePro -USDCHF daily outlook
The pair tumbled sharply after dismal US inflation data. US inflation slowed from 9.1% YOY to 8.5% YoY, below expectations of 8.7%. The demand for safe-haven assets like the Swiss franc increased due to geopolitical tension between China and Taiwan alos putting pressure on the pair at higher levels. USDCHF hits a low of 0.93933 and is currently trading around 0.94047.
According to the CME Fed watch tool, the probability of a 75 bpbs rate hike in Sep dropped to 42.5% from 68% a day ago.
The primary level to Watch – is 0.9430. Any convincing surge above confirms intraday bullishness. A jump to 0.9480/0.95480/0.9600 is possible.
Intraday support – 0.9380. Break below that level will take the pair to 0.9300/0.9260.
Indicators (1-Hour chart)
Directional movement index – Neutral
CCI (50) - Neutral
It is good to sell on rallies around 0.9438-40 with SL around 0.900 for a TP of 0.9400.
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