FxWirePro- USDCHF Daily Outlook

Intraday bias remains bullish as long as support 0.8550 holds. It hit a high of  0.86418 yesterday at the time of writing and is currently trading around 0.86156.

In October 2024, the Empire State Manufacturing Index fell sharply to -11.9, a substantial decrease from September's level of 11.5. This surprising drop caught analysts off guard, as they had expected a much milder contraction of approximately 3.8.  

Technicals-

The pair is trading above 34 and 55 EMA in the 4-hour chart.

The near-term resistance is around 0.8660 any break above targets is 0.8698/0.8750. The bearish pattern from 0.92244 will be completed at 0.8375 if the pair closes above 0.8750.  A jump to 0.8800/0.8925 is possible. The immediate support is at 0.8580, any violation below will drag the pair to 0.8550/0.8525/ 0.84990/0.8440/0.8420/0.8390/0.8365 (61.% fib projection)/0.8340.

Indicator (4-hour chart)

CCI (50)- Bullish

Average directional movement Index -  Bullish. Overall trend is bullish

It is good to buy on dips around 0.8580 with SL around 0.8525 for a TP of 0.8748.