FxWirePro- USDCHF Trade idea

The currency pair recovered by more than 40 pips on board-based US dollar selling. It hit an intraday high of 0.91321 and is currently trading around 0.91308. The intraday bias appears to be bullish as long as the support of 0.9070 holds.

In January 2025, the Consumer Price Index (CPI) grew by 0.5 percent after climbing 0.4% in December. Overall CPI jumped 3.0% compared to last year. The core CPI saw an increase of 3.3% in both items, except for food and energy. It mainly resulted from increases of about 0.4% in the costs of shelter and 1.1% in energy prices. Both are significant factors. As a result, overall food prices rose by 0.4%.

Technical Analysis and Resistance Levels

The pair is trading above the 34-EMA and 55-EMA on the 4-hour chart indicating a mixed trend. The immediate resistance is at 0.9150 any break above targets 0.9200/0.92250/0.9275/0.9030. 

Support Levels and Potential Declines

On the downside, near-term support is around 0.9100, any violation below will drag the pair to 0.9070 /0.9030/0.8940/0.8890/0.8800.

Bullish Indicators

CCI (50) - Bullish
Directional movement Index - Neutral

Trading Strategy Recommendation

It is good to buy on dips around 0.9100 with a stop-loss at 0.9070 for a TP of 0.9178/0.9200.