FxWirePro- USDCHF Daily Outlook
Major Intraday resistance -0.92750
Intraday support- 0.9190
The pair is trading weak after a minor pullback to 0.92720. The minor sell-off in the US dollar index is putting pressure at higher levels. The intraday trend is still bearish as long as resistance 0.92750 holds. The US dollar index is holding below 94 levels. Any breach below 93.60 confirms further bearishness. US industrial production declined by -1.3% in Sep compared to a forecast of 0.30%. Markets eye US Housing starts and Fed member speech for further direction. At the time of writing, USDCHF is hovering around 0.92070 down 0.30%.
Woodies and CCI analysis-
The Woodies CC and CCI (50) are trading below zero lines (bearish trend). In Woodies CCI six consecutive bars below zero (bearish 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 (4-hour chart)
Directional movement index - bearish
It is good to sell on rallies around 0.9235-80 with SL around 0.92750 for a TP of 0.91150.