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Overall sentiment for USDCHF remains bearish as long as the resistance at 0.8750 holds. Currently, the pair is trading around 0.86208, having reached a high of 0.87116. Market participants are watching the upcoming U.S. presidential elections for direction, while the policy divergence between the U.S. Federal Reserve and the Swiss National Bank (SNB) supports prices at lower levels.
Technical Analysis:
The pair is below the 34- and 55-day EMA, but above the 200-day EMA on the 4-hour chart.
Resistance Levels: Near-term resistance is at 0.8660; a break above may lead to targets at 0.8720 and 0.8750. A close above 0.8750 could fuel gains up to 0.8800 and 0.8925.
Support Levels: Immediate support is at 0.8620; if this is broken, the pair could drop to levels as low as 0.8340.
Indicator Analysis (4-hour chart):
- CCI is at 50 (Bearish)
- Average Directional Movement Index is Neutral
- Overall, the trend remains neutral.
Trading Recommendation: Consider buying on dips around 0.85400, setting a stop-loss at 0.84990, and targeting a price of 0.8748.
