USDCHF- Descending traingle pattern (Good to sell on rallies)
Intraday bias remains bearish as long as resistance 0.8550 holds. It hit a high of 0.85150 and is currently trading around 0.84561.
The pair gained momentum despite a dovish Fed rate cut and jumped over 100 pips.
Technicals-
The pair is trading below 34 and 55 EMA in the 4-hour chart.
The near-term resistance is around 0.84787; any break above targets 0.8500/0.8550/0.8590/0.8635. If the pair closes above 0.8550, the bearish pattern from 0.92244 will be completed at 0.8375. The immediate support is at 0.8420; any violation below will drag the pair to 0.8390/0.8365 (61.0% fib projection)/0.8340.
Indicator (4-hour chart)
CCI (14)- Bearish
CCI (50)- Bearish
Average directional movement Index - Bearish. Overall trend is bearish
It is good to sell on rallies around 0.8487-88, with an SL around 0.8550 and a TP of 0.8380.
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