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Intraday bias remains neutral as long as resistance 0.8550 holds. It hits a high of 0.85164 at the time of writing and is currently trading around 0.84912.
The SNB cuts rates by 25bpbs as expected to 1% from 1.25%. The central bank said that inflation pressure decreased significantly compared to the previous quarter. The SNB is willing to intervene in fx market if necessary.
Technicals-
The pair is trading below 34 and above 55 EMA in the 1-hour chart.
The near-term resistance is around 0.8520 any break above targets 0.8550. The bearish pattern from 0.92244 will be completed at 0.8375 if the pair close above 0.8550. A jump to 0.8590/0.8660 is possible. 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 (1-hour chart)
CCI (50)- Bullish
Average directional movement Index - Neutral.
Overall trend is mixed.
It is good to buy above 0.8550 with SL around 0.8500 for a TP of 0.8660.
