FxWirePro: USD/CHF Trade Idea

USD/CHF chart - Trading View 

Technical Analysis: Bias Bearish

GMMA Indicator: Major Trend - Bearish; Minor Trend - Neutral

Overbought/ Oversold Index: Neutral

Volatility: High, Rising

Support: 0.9628 (Lower BB); Resistance: 0.9700 (21-EMA)

USD/CHF was trading 0.27% higher on the day at 0.9684 at around 11:45 GMT.

The pair is extending gains for the 2nd straight session, edging higher from lower Bollinger Band.

Major trend as evidenced by the GMMA indicator is bearish, while minor trend is neutral.

The pair failed to hold break above 21-EMA in the previous week's trade and has edged lower with a 'Shooting Star' pattern.

'Death Cross' (bearish 50-DMA crossover on 200-DMA) on the hourly charts adds to the bearish bias.

Upside lacks momentum, the pair finds stiff resistance at 0.9699 (21-EMA), decisive break above could change near-term dynamics.

Resumption of weakness could see test of new lows. Next major support lies at 0.9542 (Sept 2018 lows).

Recommendation: Good to go short on upticks around 0.9670, SL: 0.9700, TP: 0.9615/ 0.9550.