Intraday bias - Bearish USDCHF formed a double top around 1.0060 and showed a massive sell-off after SNB monetary policy. The central bank hiked rates by 50bpbs to -0.25% for the first time since 2007. They have also sai…
USDCHF formed a double top around 1.0060 and showed a massive sell-off after SNB monetary policy. The central bank hiked rates by 50bpbs to -0.25% for the first time since 2007. They have also said further monetary tightening will take place to tackle inflation. Technically in the hourly chart, the pair is holding below the short-term (21- and 55 EMA) and long-term moving average of 200 EMA (0.9860). Any close below 1.2780 confirms intraday bearishness. A dip to 1.2700/1.2660 is possible. USDCHF hits an intraday low of 0.97835 and is currently trading around 0.9835.
The near-term resistance is around 0.9860 any breach above targets 0.9900/1.000.
Indicators (4- Hour chart)
CCI (50)- Bullish
ADX- Bullish
It is good to sell on rallies around 0.9835 with SL around 0.9900 for TP of 0.9660.
