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FxWirePro- USDCHF Trade Idea

USDCHF showed a minor pullback as US dollar index recovered slightly. It hits an low  of 0.82096 and is currently trading around 0.82566. Intraday bias appears to be bearish  as long as the resistance 0.8405 holds. 

 

Technical Analysis Points to Further Upside

The pair is trading below the   55-EMA, 200 EMA and 365 EMA on the 1-hour chart  indicates a bearish trend. The immediate resistance is at  0.8272 any break above  targets 0.8300/0.8350/0.8375.

Support Levels and Potential Declines

On the downside, near-term support is around 0.8200, any violation below will drag the pair to 0.8180/0.8135/0.8090/0.8000.

Bullish  Indicators

CCI (50) - Bearish

Directional movement Index -  Bearish

Trading Strategy Recommendation

It is good to sell on rallies around 0.8270 with a stop-loss at 0.83250 for a TP of 0.8150.

 

 

 

 

 

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