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Major resistance- 0.9460
The pair breaks significant resistance 0.93850 and hits the highest level since Mar 17th, 2022. The surge in US inflation has increased the chance of a 50 bpbs hike in the next meeting during May month. According to the CME Fed watch tool, the probability of a 50 bpbs rate hike in May increased to 91.05 %. USDCHF hits an intraday high of 0.94488 and is currently trading around 0.94340.
Bullish scenario-
The primary level to Watch – is 0.9460. Any convincing surge above confirms intraday bullishness. A jump to 0.9500/0.9520 is possible.
Bearish scenario-
Intraday support – 0.9380. Break below that level will take the pair to 0.9340/0.9300.
Indicators (4-Hour chart)
Directional movement index – Bullish
CCI (50) - Bullish
It is good to buy on dips around 0.9400 with SL around 0.9340 for a TP of 0.95000/0.9520.
