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FxWirePro- USDCHF Trade Idea
The pair showed a minor pullback after the US CPI. Overall bias remains bearish as long as resistance 0.8900 holds. It hit a low of 0.88101 at the time of writing and is currently trading around 0.88315.
The US Consumer Price Index (CPI) for November 2024 shows an annual inflation rate of 2.7%, matching economists' expectations. Consumer prices rose by 0.3% from the previous month, the largest increase in seven months. The core CPI, which excludes food and energy prices, remained steady at a year-over-year increase of 3.3%. Overall, these figures indicate stable inflation trends.
Technical Analysis
The pair is currently trading below the 34- and above 55-EMA on the 4-hour chart.
Near-Term Resistance: Current resistance is at 0.8860. A break above this level could lead to targets at 0.8880/0.8900/0.8960/ 0.9000/0.90480. The break above 0.87500 confirms that a decline from 0.9225 was completed at 0.83750.
Immediate Support: The next support level is at 0.8800. If this level is broken, the pair could drop to 0.8750/0.8720/0.8700/0.8660/0.8600/0.8580, 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): Bearish
- Average Directional Movement Index: bearish
Overall, the trend remains weak
Trading Recommendation
Consider selling on rallies around 0.8848-50, with a stop loss set at 0.8900 and aiming for a target price of 0.8750.
