USDCHF surged sharply after upbeat US economic data. It hit a high of 0.84786 and is currently trading around 0.84696.
Economic data -
US GDP- Positive (bullish for the US dollar)
US Jobless claims- Positive - (Bullish for US dollar)
Technicals-
The pair is trading above 34 and 55 EMA in the hourly chart.
The near-term resistance is around 0.8480, a breach above targets 0.8500/0.8525. Intraday trend is bearish as long as resistance 0.8484 holds.The immediate support is at 0.8450, any violation below will drag the pair to 0.8430/0.8400/0.83830 /0.8365 (61.% fib projection)/0.8340.
Indicator (hourly chart)
CCI (14)- Bullish
CCI (50)- Bullish
Average directional movement Index - Bullish. Overall trend is mixed.
It is good to buy on dips around 0.8460-625 with SL around 0.8435 for a TP of 0.8525.
