USDCHF pared most of its gains on board-based US dollar selling. It hit an intraday low of 0.8320 and is currently trading around 0.83732. Intraday bias appears to be bullish as long as the support 0.8320 holds.
Technical Analysis Points to Further Upside
The pair is trading above the 34-EMA and 55-EMA below the 200 EMA on the 4-hour chart indicating a mixed trend. The immediate resistance is at 0.8378 any break above targets 0.8450/0.850/0.8520/0.8580/0.8625.
Support Levels and Potential Declines
On the downside, near-term support is around 0.8320, any violation below will drag the pair to 0.8340/0.8320/0.8270/0.8230/0.8180/0.8135/0.8090/0.8000.
Bullish Indicators
CCI (50) - Bullish
Directional movement Index - Neutral
Trading Strategy Recommendation
It is good to buy on dips around 0.8360 with a stop-loss at 0.8320 for a TP of 0.8500.
