FxWirePro:AUD/USD pauses 5-week bearish streak, Antipodeans buoyed as concerns about Omicron variant ebb
FxWirePro- USDCHF Daily Outlook
Major Intraday resistance -0.9320
Intraday support- 0.9190
It has shown a minor pullback after hitting a low of 0.9193. The intraday trend is still neutral as long as support 0.9193 holds. The US dollar index consolidates in a narrow range between 94.56 and 93.67 for the past two weeks. Any breach above 94.60 confirms further bullishness.US retail sales for the month of September rose by 0.70% compared to a forecast of -0.20%. Excluding auto, the numbers surged by 0.80%, better than the forecast of 0.80%. At the time of writing, USDCHF is hovering around 0.92637 up 0.37%.
Woodies and CCI analysis-
The Woodies CC and CCI (50) are trading above zero lines (bullish trend). In Woodies CCI six consecutive bars above zero (bullish confirmation).
USDCHF is facing strong resistance around 0.92750. Any break above targets 0.9320/0.9365. 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 0.9230/0.9193. Any convincing breach below 0.9193 targets 0.9162/0.91150.
Indicator (1-hour chart)
Directional movement index - neutral
It is good to sell on rallies around 0.92750-80 with SL around 0.9325 for a TP of 0.91150.