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FxWirePro- USDCHF Trade Idea

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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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