USDCHF declined after the SNB rate cut, good to buy above 0.8555-

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.