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FxWirePro-USDCHF Daily Outlook

Intraday bias remains bearish as long as resistance 0.8550 holds. It hits a high of  0.85150 and is currently trading around 0.84561.

 

The pair gained momentum despite a dovish Fed rate cut and jumped over 100 pips.

 

Technicals-

 

The pair is trading below  34 and 55 EMA in the 4-hour chart.

 

The near-term resistance is around 0.84787 any break above targets 0.8500/0.8550/0.8590/0.8635.The bearish pattern from 0.92244 will get completed at 0.8375 if pair close above 0.8550.  The immediate support is at 0.8420, any violation below will drag the pair to 0.8390/0.8365 (61.% fib projection)/0.8340.

 

Indicator (4-hour chart)

 

CCI (14)- Bearish

 

CCI (50)- Bearish

 

Average directional movement Index -  Bearish. Overall trend is bearish  

 

It is good to sell on rallies around 0.8487-88, with an SL around 0.8550 and a TP of 0.8380.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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