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Intraday trend – Bearish
Major intraday support – 0.9175
The pair traded weak for the third consecutive day and lost more than 150 pips. The spread of corona variant Omicron has increased demand for safe-haven assets like the Swiss franc and yen. The global stock markets tumbled after Moderna CEO warns that vaccines will be less effective against Omicron. The US 01-year yield declined more than 5% also putting pressure on the US dollar. It hits an intraday low of 0.91780 and is currently trading around 0.91806.
The near-term resistance is around 0.9240, any breach above targets 0.92750/0.9330/0.93750. Significant support to be watched is 0.9180; the violation below will drag the pair down to0.9146/ 0.90935.
Indicators (4 Hour chart)
Directional movement index – Bearish
CCI (50) - Bearish
It is good to sell on rallies around 0.9200 with SL around 0.9240 for a TP of 0.9100.
