FxWirePro- USDCHF Daily Outlook
Major Intraday resistance -0.92750
Intraday support- 0.9180
The pair has formed a double bottom around 0.91500 and shown a minor pullback. USDCHF was one of the worst performers this month and declined more than 150 pips as the risk-averse mood has increased demand for safe-haven assets like the Swiss franc. The IHS Markit US Manufacturing PMI declines to 59.2 in Oct compared to a forecast of 60.50, seven month low. The intraday trend is still weak as long as resistance 0.91850 holds.
The US dollar index is holding near 93.50 levels. Any breach below that level confirms further bearishness. At the time of writing, USDCHF is hovering around 0.91649 up 0.05%.
Woodies and CCI analysis-
The CCI (50) and Woodies CCI are trading below zero lines (bearish trend). This confirms the bearish trend.
USDCHF is facing strong resistance around 0.9185. Any break above targets 0.9220/0.9252/0.92750. 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 0.9188-90 with SL around 0.9220 for a TP of 0.91150.