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USD/CHF Dips: Powell's Hawkish Tone Weighs on Greenback

USDCHF lost its shine after hawkish speech from fed Chairman.It hits an intraday low of 0.80336 and is currently trading around 0.80541. Intraday bias appears to be bearish as long as the resistance 0.8140 holds.  


Technical Analysis Points to Further Upside

The pair is trading below  the   55-EMA, 200 EMA and 365 EMA on the 4-hour chart  indicates a bearish trend. The immediate resistance is at  0.8070 any break above  targets 0.8140/0.8180/0.8250/0.8300.

Support Levels and Potential Declines

On the downside, near-term support is around 0.8030, any violation below will drag the pair to 0.8000/0.7920.

Indicators (4-Hour)

CCI (50) - Bearish

Directional movement Index -  Bearish

Trading Strategy Recommendation

It is good to sell on rallies around 0.8078-80 with a stop-loss at 0.8120 for a TP of 0.8000/0.7920.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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