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USDCHF lost its shine after hawkish speech from fed Chairman.It hits an intraday low of 0.80336 and is currently trading around 0.80541. Intraday bias appears to be bearish as long as the resistance 0.8140 holds.
Technical Analysis Points to Further Upside
The pair is trading below the 55-EMA, 200 EMA and 365 EMA on the 4-hour chart indicates a bearish trend. The immediate resistance is at 0.8070 any break above targets 0.8140/0.8180/0.8250/0.8300.
Support Levels and Potential Declines
On the downside, near-term support is around 0.8030, any violation below will drag the pair to 0.8000/0.7920.
Indicators (4-Hour)
CCI (50) - Bearish
Directional movement Index - Bearish
Trading Strategy Recommendation
It is good to sell on rallies around 0.8078-80 with a stop-loss at 0.8120 for a TP of 0.8000/0.7920.
