Under Key EMAs: USD/CHF Fails to Break 0.8000 as Durable Goods Dive—Sell at 0.7950

USDCHF trades flat despite weak US economic data. It hits an intraday high of 0.79795 and is currently trading around 0.79657. Intraday bias appears to be bearish as long as the resistance at 0.8000 holds.

Orders for U. S. durable goods decreased 9. 3% month over month to $311. 8 billion in June— reversing a 16. 5% increase in May and recording the greatest decline since April 2020—mostly owing to a 22. 4% fall in capital goods (led by a 51. 8% decrease in non-defense aircraft and components) and a 22. 2% fall in capital goods. Orders climbed 0. 2% excluding the erratic transportation sector, whereas shipments of manufactured durable products increased 0. 5%, suggesting underlying business demand outside transportation remains strong notwithstanding cooling investment in high-priced items, and the overall fall beat forecasts of a 10. 4% decline slightly.

Technical Analysis Points to Further downside

The pair is trading below the   55-EMA, below the 200 EMA, and below the 365 EMA on the 4-hour chart, indicating a bearish trend. The immediate resistance is at  0.7950, any break above targets 0.8000/0.8050/0.8090/0.8140/0.8180/0.8250/0.8300.

Support Levels and Potential Declines

On the downside, near-term support is around 0.7920; any violation below will drag the pair to 0.7860/0.7800.

Indicators (4-hour chart)

CCI (50) - Bearish

Directional Movement Index -  neutral

Trading Strategy Recommendation

It is good to sell on rallies around 0.7950 with a stop-loss at 0.8000 for a TP of 0.7855.