FxWirePro- USDCHF Daily Outlook
Major Intraday resistance -0.92750
Intraday support- 0.9180
The pair has shown a minor pullback after hitting a low of 0.91850 level. The intraday trend is still weak as long as resistance 0.92750 holds. US housing starts fell down last month to 1.56 M compared to a forecast of.1.62 million: Building permits declined sharply by 7.7%. The US dollar index is holding below 94 levels. Any breach below 93.50 confirms further bearishness. At the time of writing, USDCHF is hovering around 0.92420 up 0.15%.
Woodies and CCI analysis-
The CCI (50) are trading below zero lines (bearish trend). In Woodies CCI is holding above zero lines bearish trend not confirmed.
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 - neutral
It is good to sell on rallies around 0.9240 with SL around 0.92750 for a TP of 0.9150.