FxWirePro: Cloud caps upside in BCH/USD, bias bearish, stay short

• BCH/USD is trading in a narrow range, with session high at 772 and low at 758.
   
• The pair is extending weakness for the 4th straight session, bias remains bearish.
   
• Daily Ichimoku cloud weighs heavily on the upside, recovery capped below.
   
• After a brief consolidation price action seems to have resumed downside.
   
• 55-EMA is stiff resistance on the upside and we see meaningful upside only on break above.
   
• Break below 21-EMA has now opened up further downside for the pair.
   
• Bears now target next major support at 675 (trendline). Break below trendline to see major weakness. 

Support levels - 675 (trendline), 650 (June 28 low), 600 (Mar 6 low)

Resistance levels - 772 (cloud), 791 (21-EMA), 836 (55-EMA)

Recommendation: Stay short on upticks, target 675 

FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at 106.144 (Neutral) at 0530 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.