FxWirePro: BCH/USD grinds lower for the 3rd straight session, bears target next major support at 660
BCH/USD is extending weakness for the 3rd straight session. Scope for further downside on bearish technicals. Price has been rejected at stiff resistance at 21-EMA. Minor recovery attempts on the day remain capped below …
BCH/USD is extending weakness for the 3rd straight session.
Scope for further downside on bearish technicals.
Price has been rejected at stiff resistance at 21-EMA.
Minor recovery attempts on the day remain capped below 5-DMA.
Stochs and RSI are biased lower. We see -ve DMI dominance which adds to the bearish bias.
Next major support lies at 660 (trendline). Violation there could see further weakness.
Major trend remains bearish. Only breakout at 21-EMA could see some upside.
Support levels - 660 (trendline), 650 (June 28, 29 low)
Resistance levels - 740 (5-DMA), 775 (21-EMA)
Recommendation: Good to short upticks around 720/725, SL: 750, TP: 700/ 670/ 660
FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at 26.1021 (Neutral) at 0645 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
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