USDCHF holds above 0.7850 as demand for safe-haven assets increases on the escalation of tension between Israel and Iran. Having made an intraday high of 0.78722, it is currently trading at 0.78642.
Technical Analysis Points to Further Bullishness
The pair is trading above the 55-EMA, 200-EMA, and 365-EMA on the 1-hour chart, indicating a bullish trend. The immediate resistance is at 0.78750; any break above targets 0.7925/0.7965/0.8000.
Support Levels and Potential Declines
On the downside, near-term support is around 0.7800; any violation below will drag the pair to 0.7760/0.7000/0.7660/0.7628/0.7600/0.7540/0.7500.
Indicators (4-hour chart)
CCI (50) - Bullish
Directional Movement Index - Bullish
Trading Strategy Recommendation
It is good to buy on dips around 0.7808-100 with SL around 0.7765 for a TP of 0.7925/0.7965.
