Intraday bias remains bearish as long as resistance 0.8550 holds. It hit a high of 0.84018 at the time of writing and is currently trading around 0.84295.
The Swiss franc gained sharply as the SNB cuts rates at slower pace compared to US Fed. The easing of US PCE also increased the chance of aggressive rate cuts by the Fed.
Technicals-
The pair is trading below 34 and above 55 EMA in the 1-hour chart.
The near-term resistance is around 0.84574 any break above targets 0.84750/0.8500/0.8520. The bearish pattern from 0.92244 will get completed at 0.8375 if pair close above 0.8550. A jump to 0.8590/0.8660 is possible. The immediate support is at 0.8400, any violation below will drag the pair to 0.8390/0.8365 (61.% fib projection)/0.8340.
Indicator (4-hour chart)
CCI (50)- Bearish
Average directional movement Index - Neutral. Overall trend is mixed.
It is good to sell on rallies around 0.8468-70 with SL around 0.8500 for a TP of 0.83780.
