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USDCHF : Still Trading Within Triangle Conslidation

(USDCHF : 4 Hour Chart)

USDCHF continued to decline even after the positive Consumer Sentiment Data and might find support at .8907 which was earlier acting as support for the pair on the 4 hour chart. The pair is consolidating within a descending triangle with a falling resistance trend line and support at .8907. The University of Michigan in a revised report said that the consumer sentiment index rose to 82.5 in the month of June from the reading of 81.2 slightly better than the economist’s expectation for a rise to 82.2.The upbeat data although didn't provide much support to the pair. Also USDCHF is inversely to EURUSD and EURUSD is surging in response to the positive German Consumer Price Inflation Data.

The 50 day SMA previously crossed below the 100 day SMA signaling a downtrend which it has now confirmed again after crossing below the 200 day SMA. Accordingly the pair should break the support at .80907 and continue to decline.The next support level it will find is at .8896 or .8882.