General overview: USD/CHF edged lower for the second straight day amid some heavy USD selling bias. Reduced Fed rate hike bets, sliding US bond yields continued weighing on the buck. The pair is maintained its sell side in the market and offering the bears for more bearish side this time move. The pair is expected to move till level 0.8930 level and the pair added to the previous day’s modest losses and remained depressed for the second consecutive session on Friday amid the heavily offered tone surrounding the US dollar. The pair creates the opportunity for the sellers to again their position in the market. The pair is again ready to take modest low in the market.
Technical analysis : From the technical point of view we can say that pair taking depth of the market by creating the bearish sentiments among the sellers as the market is creating the long side selling signals is the market and leads towards the sell side in the market . The market is suggesting the bearish pressure is still far from being over. On the 4 hourly charts market crates the downtrend in the market as the death crossover is supporting the market for the selling signals. The positional traders sell side in the market. the market is in strong consolidation phase as the swings are formed buy from the upside we suggest our traders to sell from above in the market , the level can be 0.8973, the support level will be 0.8920 followed 0.8860 and resistance will be 0.9030 followed 0.9080.
Trade idea: Our sellers will sit on the sell side at level 0.8973 target will be 0.8910 followed 0.8860 and stop loss will be 0.9070.
