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USDCHF has traded in a narrow range between 0.78174 and 0.76292 for the past 3 weeks. Having made an intraday high of 0.77576, it is currently trading at 0.77307.
Technical Analysis Points to Further Bearishness
The pair is trading above the 55-EMA, below the 200-EMA, and 365-EMA on the 4-hour chart, indicating a bullish trend. The immediate resistance is at 0.7760; any break above targets 0.7800/0.7865/0.7925/0.7965/0.8000.
Support Levels and Potential Declines
On the downside, near-term support is around 0.7700; any violation below will drag the pair to 0.7660/0.7628/0.7600/0.7540/0.7500.
Indicators (4-hour chart)
CCI (50) - Bullish
Directional Movement Index - neutral
Trading Strategy Recommendation
It is good to sell on rallies around 0.7748-50 with SL around 0.7800 for a TP of 0.7865.
