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FxWirePro -USDCHF daily outlook

The pair showed a nice pullback in yesterday US session on board-based US dollar buying.  Hopes of aggressive rate hikes by the Fed till inflation coll off are supporting the US dollar at lower levels. Markets eyes Flash services, new home sales, and the Richmond Manufacturing index for further direction. USDCHF hits a high of 0.95925  and is currently trading around 0.95810.

 

According to the CME Fed watch tool, the probability of a 75 bpbs rate hike in Sep rose to 58% from 45% a week ago.

 

 

Bullish scenario-

The primary level to Watch – is 0.9660. Any convincing surge above confirms intraday bullishness. A jump to 0.9700/0.9765/0.9800 is possible.

 

 Bearish scenario-

 

Intraday support – 0.9540.  Break below that level will take the pair to 0.9470/0.9430.

 

Indicators (4-Hour chart)

 

 Directional movement index – Bullish

 

 CCI (50) - Bullish

 

 It is good to buy on dips around 0.9628-30 with SL around 0.9580 for a TP of 0.9750.

 

 

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