FxWirePro- USDCHF Trade idea

The currency pair lost its shine on board-based US dollar selling.  It hit an intraday low of 0.88717 and is currently trading around 0.89060. The intraday bias appears to be bearish as long as the resistance 0.9035 holds.

Technical Analysis and Resistance Levels

The pair is trading below the 34-EMA and 55-EMA on the 4-hour chart indicating a bearish trend. The immediate resistance is at 0.8940 any break above targets 0.9000/0.9035/0.9070/0.9100/0.9150/0.9200/0.92250/0.9275/0.9030. 

Support Levels and Potential Declines

On the downside, near-term support is around 0.8890, any violation below will drag the pair to 0.8800/0.8720.

Bullish Indicators

CCI (50) - Bearish
Directional movement Index - Bearish

Trading Strategy Recommendation

It is good to sell on rallies around 0.8955-57 with a stop-loss at 0.9000 for a TP of 0.8800.