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USDCHF pared some of its gains after a minor pullback.It hits an high of 0.85838 and is currently trading around 0.84666. Intraday bias appears to be bearish as long as the resistance 0.8620 holds.
Technical Analysis Points to Further Downside
The pair is trading below the 34-EMA and 55-EMA on the 4-hour chart indicating a minor up trend. The immediate resistance is at 0.8500 any break above targets 0.8580/0.8620/0.8660/0.8700/ 0.8757/0.8800.
Support Levels and Potential Declines
On the downside, near-term support is around 0.8450, any violation below will drag the pair to 0.8425/0.8375.
Bearish Indicators
CCI (50) - Bearish
Directional movement Index - Neutral
Trading Strategy Recommendation
It is good to sell on rallies around 0.85000 with a stop-loss at 0.8550 for a TP of 0.8425.
