FxWirePro- USDCHF Daily Outlook
Major Intraday resistance -0.92750
Intraday support- 0.9180
The pair continues to trade lower for the fourth consecutive day and lost more than 50 pips on risk-on mood. The recovery in the US dollar capped despite better than expected US jobless data. The intraday trend is still weak as long as resistance 0.92750 holds. The number of people who have filed for unemployment benefits dropped by 8000 to 290K in the previous week vs an estimate of 298000.
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 0.91665 down 0.17%.
Woodies and CCI analysis-
The CCI (50) and Woodies CCI 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 0.92150. Any break above targets 0.9252/0.92750. 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 0.91620. Any convincing breach below targets 0.91150/0.9070.
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.