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FxWirePro-USDCHF Daily Outlook

Intraday bias remains neutral as long as resistance 0.8550 holds. It hit a high of  0.85180 yesterday and is currently trading around 0.85036.

 

Markets eye US CB consumer confidence and Richmond manufacturing PMI for further direction.

 

Technicals-

 

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

 

The near-term resistance is around 0.8520 any break above targets 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 0.8465, any violation below will drag the pair to 0.8450/0.8420/0.8390/0.8365 (61.% fib projection)/0.8340.

 

Indicator (4-hour chart)

 

CCI (14)- Bearish

 

CCI (50)- Neutral

 

Average directional movement Index -  Neutral. Overall trend is mixed.  

 

It is good to sell on rallies around 0.85080-100  with SL around 0.8550 for a TP of 0.8390.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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