USDCHF lost its shine on board-based US dollar weakness. Having made an intraday low of 0.76616, it is currently trading at 0.76630.
Technical Analysis Points to Further Bullishness
The pair is trading above the 55-EMA and 200-EMA and below the 365-EMA on the 4-hour chart, indicating a bearish trend. The immediate resistance is at 0.7700; any break above targets 0.77455/0.7800/0.7865/0.7925/0.7965/0.8000.
Support Levels and Potential Declines
On the downside, near-term support is around 0.7660; any violation below will drag the pair to 0.7600/0.7540/0.7500.
Indicators (4-hour chart)
CCI (50) - Bearish
Directional Movement Index - Bearish
Trading Strategy Recommendation
It is good to sell on rallies around 0.7728-30 with SL around 0.7785 for a TP of 0.7500.
