USDCHF hits a fresh five-day low on the strong Swiss franc. It has gained momentum against all majors after the Swiss National bank wants the Swiss franc to appreciate. Markets eye US CPI data today for further direction.
Technically in the 4-hour chart, the pair is holding below above short term (21- and 55 EMA) and 200 EMA (0.96589). Any break below 0.9470 will take the pair to 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 0.9550 and any breach below targets 0.9600/0.9660/0.9725.
Indicators (4-hour chart)
CCI (50)- Bearish
ADX- Bearish
It is good to sell on rallies around 0.9548-50 with SL around 0.9600 for TP of 0.94350.
