USDCHF was one of the worst performers this month as demand for safe havens like the Swiss franc increased. It hits a low of 0.80983 and is currently trading around 0.81982. Intraday bias appears to be bearish as long as the resistance 0.8270 holds.
The Empire State Manufacturing Index in April 2025 showed considerable recovery, jumping to -8.1 from a March reading of -20.0 and higher than expected, registering a less dire factory downturn in New York. Although it remained negative, the index said conditions were improved, aided by less steep losses in new orders and shipments. But prospects dimmed as the future general business conditions index fell sharply, which indicated anxiety about long-term problems and higher inflationary pressures due to rising input and selling prices.
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 uptrend. The immediate resistance is at 0.8200, any break above targets 0.82250/0.8270/0.8320.
Support Levels and Potential Declines
On the downside, near-term support is around 0.8090; any violation below will drag the pair to 0.8050/0.8000.
Bearish Indicators
CCI (50) - Bearish
Directional Movement Index - Neutral
Trading Strategy Recommendation
It is good to sell on rallies around 0.82050 with a stop-loss at 0.82650 for a TP of 0.8000.
