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USDCHF surged sharply despite soft US inflation. It hit a high of 0.85078 and is currently trading around 0.84988.
Economic data -
|
Time |
Currency |
Event |
Actual |
Forecast |
Previous |
|
6 am |
CHF |
GDP q/q |
0.70% |
0.50% |
0.50% |
|
6:30 am |
CHF |
CPI m/m |
0.0% |
0.10% |
-0.20% |
Technicals-
The pair is trading above 34 and 55 EMA in the 4-hour chart.
The near-term resistance is around 0.8540, a breach above targets 0.8590/0.8640. Intraday trend is bullish as long as support 0.8474 holds. The immediate support is at 0.8500, any violation below will drag the pair to 0.8474/0.8460/0.8435/0.8400/0.83830 /0.8365 (61.% fib projection)/0.8340.
Indicator (4-hour chart)
CCI (14)- Bullish
CCI (50)- Bullish
Average directional movement Index - Bullish. Overall trend is bullish.
It is good to buy on dips around 0.84980 with SL around 0.8474 for a TP of 0.8545.
