FxWirePro- USDCHF Trade idea

The currency pair showed a minor pullback ahead of US Fed monetary policy. It hit an intraday high of 0.88083 and is currently trading around 0.87968. The intraday bias appears to be bearish as long as the resistance 0.9000 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 0.8865 any break above targets 0.8890/0.8940/0.9000/0.9035/0.9070/0.9100/0.9150/0.9200/0.92250/0.9275/0.9300. 

Support Levels and Potential Declines

On the downside, near-term support is around 0.8750, any violation below will drag the pair to 0.8720/0.8660/0.8600.

Bullish Indicators

CCI (50) - Bearish
Directional movement Index - Neutral

Trading Strategy Recommendation

It is good to sell on rallies around 0.8850-525 with a stop-loss at 0.8890 for a TP of 0.8720.