USDCHF breaks below the significant support of 0.84323 confirming the continuation of a bearish trend. It hit a low of 0.84092 and is currently trading around 0.84355.
Technicals-
The pair trades below 34- and 55 EMA in the hourly chart.
The near-term resistance is around 0.84427, a breach above targets 0.84545/0.84850. Intraday trend is bearish as long as resistance 0.8484 holds.The immediate support is at 0.8400, any violation below will drag the pair to 0.8365 (61.% fib projection)/0.8340.
Indicator (hourly chart)
CCI (14)- Bullish
CCI (50)- Bearish (below -100)
Average directional movement Index - Neutral. Overall trend is mixed.
It is good to sell on rallies around 0.8458-60 with SL around 0.84850 or TP of 0.8365.
