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Candlestick pattern- Long-legged Doji
The pair halted its up trend near 200- 4H EMA and started to decline. The demand for safe-haven assets like the Swiss franc increased due to geopolitical tension between China and Taiwan.US dollar index recovered after upbeat US Nonfarm payroll data. According to the CME Fed watch tool, the probability of a 75 bpbs rate hike in Sep rose to 69.50% from 28% a week ago.
USDCHF hits a low of 0.95693 at the time of writing and is currently trading around 0.95851.
Bullish scenario-
The primary level to Watch – is 0.9650. Any convincing surge above confirms intraday bullishness. A jump to 0.9720/0.9760 is possible.
Bearish scenario-
Intraday support – 0.9530. Break below that level will take the pair to 0.9470/0.9400/0.9360.
Indicators (1-Hour chart)
Directional movement index – Neutral
CCI (50) - Neutral
It is good to sell on rallies around 0.9600 with SL around 0.9650 for a TP of 0.94750.
