USDCHF is trading weak for a second consecutive week on the strong Swiss franc. It was one of the best performers against all majors after SNB supported Franc's appreciation. Markets are anticipating another 50 bpbs rate hike by the Swiss national bank on Sep 22nd.
Technically in the 4-hour chart, the pair is holding below above short term (21- and 55 EMA) and 200 EMA (0.96670). Any break below 0.9540 will take the pair to 0.9470/0.9430/0.9370. USDCHF hits an intraday low of 0.95449 and is currently trading around 0.95512.
The near-term resistance is around 0.96000, and any breach below targets 0.9660/0.9725.
Indicators (4-hour chart)
CCI (50)- Bearish
ADX- Bearish
It is good to sell on rallies around 0.9580-85 with SL around 0.9635 for TP of 0.94750.
