FxWirePro- USDCHF Trade Idea

The currency pair is consolidating after a minor pullback. It hit an intraday high of 0.88391 and is currently trading around 0.8820. The intraday bias appears to be bearish as long as the resistance 0.9000 holds. 

Recent statistics show a steady but conservative economic climate in the U.S. Initial jobless claims were slightly up but below projections, and continuing claims increased, indicating prolonged stays on unemployment rolls. The Philadelphia Fed Manufacturing Index fell but remained above market estimates, indicating slowing manufacturing expansion despite an optimistic employment forecast. Future indicators imply lower optimism over the next half year regarding growth, indicating doubts concerning future orders and general economic activity

Technical Analysis and Resistance Levels

The pair is trading above the 34-EMA and below  55-EMA on the 4-hour chart indicating a minor up trend. The immediate resistance is at 0.8865 any break above targets 0.8890/0.8940/0.9000/0.9035/0.9070/0.9100/0.9150/0.9200/0.92250/0.9275/0.9300. 

Support Levels and Potential Declines

On the downside, near-term support is around 0.8750, any violation below will drag the pair to 0.8720/0.8660/0.8600.

Bullish Indicators

CCI (50) - Bullish
Directional movement Index - Neutral

Trading Strategy Recommendation

It is good to sell on rallies around 0.8850-525 with a stop-loss at 0.8890 for a TP of 0.8720.