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Intraday bias remains bearish as long as resistance 0.8550 holds. It hit a low of 0.84152 yesterday and is currently trading around 0.84650.
US CB consumer confidence and Richmond manufacturing PMI came well below market expectations increasing the chance of aggressive rate cuts by Fed. Markets eye SNB monetary policy meeting tomorrow for further direction.
Technicals-
The pair is trading below 34 and 55 EMA in the 4-hour chart.
The near-term resistance is around 0.84725 any break above targets 0.500/0.8520/0.8550. The bearish pattern from 0.92244 will get completed at 0.8375 if the pair close above 0.8550. The immediate support is at 0.8450, any violation below will drag the pair to 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.
