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Intraday bias remains bullish as long as support 0.8550 holds. It hit a high of 0.86696 and is currently trading around 0.86589.
The policy divergence between the US Fed and SNB supports the pair at lower levels.
|
Date |
Time (GMT) |
Currency |
Event |
Actual |
Forecast |
Previous |
|
|
12:30 pm |
USD |
US Durable goods order |
-0.80% |
-1.1% |
-0.80% |
|
|
|
USD |
Durable goods orders |
0.40% |
-0.10% |
0.60% |
|
|
2 pm |
USD |
Revised UoM consumer sentiment |
70.50 |
69.20 |
68.90 |
Technical Analysis
The pair is currently trading above the 34- and 55-EMA on the 4-hour chart.
Near-Term Resistance: Current resistance is at 0.8700. A break above this level could lead to targets at 0.8698 and 0.8750. If the pair closes above 0.8750, it would complete a bearish pattern originating from 0.9224, allowing for possible gains toward 0.8800 and 0.8925.
Immediate Support: The next support level is at 0.8620. If this level is broken, the pair could drop to 0.8580, 0.8550, 0.8525, 0.8499, 0.8440, 0.8420, 0.8390, 0.8365 (61.8% Fibonacci projection), or even 0.8340.
Indicator Analysis (4-hour chart)
- CCI (50): Bullish
- Average Directional Movement Index: Neutral
Overall, the trend remains bullish.
Trading Recommendation
Consider buying on dips around 0.8630, with a stop loss set at 0.8578 and aiming for a target price of 0.8748.
