USDCHF trade idea CCI AND EMA set up)

USDCHF declined after hitting a minor top of 0.85375. It hit a low of 0.84556 and is currently trading around 0.84631.

Intraday trend is neutral as long as resistance 0.8540 holds.

Technicals-

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

The near-term resistance is around 0.84740, a breach above targets 0.8500/0.8540. The immediate support is at 0.8450, any violation below will drag the pair to 0.8435/0.8400/0.83830 /0.8365 (61.% fib projection)/0.8340.

Indicator (4-hour chart)

CCI (14)- Bearish

CCI (50)- Bearish

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

It is good to sell on rallies around 0.8489-90 with SL around 0.8540 for TP of 0.8400.