USDCHF pared some of its gains after forming a temporary top around 0.78788. Having made a intraday high of 0.78352, it is currently trading at 0.78047.
Technical Analysis Points to Further Bullishness
The pair is trading above the 55-EMA, 200-EMA, and 365-EMA on the 4-hour chart, indicating a bullish trend. The immediate resistance is at 0.7835; any break above targets 0.7865/0.7925/0.7965/0.8000.
Support Levels and Potential Declines
On the downside, near-term support is around 0.7760; any violation below will drag the pair to 0.7000/0.7660/0.7628/0.7600/0.7540/0.7500.
Indicators (4-hour chart)
CCI (50) - Bullish
Directional Movement Index - neutral
Trading Strategy Recommendation
It is good to buy on dips around 0.7780 with SL around 0.7720 for a TP of 0.7870/0.7900.
