"US Dollar Strength Fuels USD/CHF Rally: Bullish Outlook and Dips Present Buying Opportunities"
Intraday bias remains bullish as long as support 0.8550 holds. It hit a high of 0.86699 at the time of writing and is currently trading around 0.866509.
Markets eye US retail sales, and ECB monetary policy for further direction.
A dovish interest rate cut from the European Central Bank (ECB) is likely to further strengthen the US dollar.
Technicals-
The pair is trading above 34 and 55 EMA in the 4-hour chart.
The near-term resistance is around 0.8670 any break above targets is 0.8698/0.8750. The bearish pattern from 0.92244 will get completed at 0.8375 if the pair close above 0.8750. A jump to 0.8800/0.8925 is possible. The immediate support is at 0.8620, any violation below will drag the pair to 0.8580/0.8550/0.8525/ 0.84990/0.8440/0.8420/0.8390/0.8365 (61.% fib projection)/0.8340.
Indicator (4-hour chart)
CCI (50)- Bullish
Average directional movement Index - Bullish. Overall trend is bullish
It is good to buy on dips around 0.8600 with SL around 0.85480 for a TP of 0.8748.
