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.