- BCH/USD is extending weakness for the 3rd straight session, cloud weighs on the upside.
- The pair is trading 1.62% lower on the day at 762, after hitting session's low at 735.
- After a brief consolidation price action seems to have resumed downside.
- The pair was unable to clear stiff resistance at 55-EMA and we see meaningful upside only on break above.
- Break below 21-EMA has now opened up further downside for the pair.
- Next major support lies at 675 (trendline). Break below will see major weakness.
Support levels - 675 (trendline), 650 (June 28 low), 600 (Mar 6 low)
Resistance levels - 776 (cloud), 793 (21-EMA), 801 (5-DMA), 839 (55-EMA)
Recommendation: Stay short on upticks, target 675
FxWirePro Currency Strength Index: FxWirePro's Hourly USD Spot Index was at -6.66406 (Neutral) at 1015 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.