USDCHF struggles to break above trend-line resistance as demand for safe-haven asset Swiss franc increases. It touched an intraday low of 0.79623 and is now trading at 0.79724. Any violation above 0.80400 confirms further bullish continuation.
Technical Analysis Points to Further Bullishness
The pair is trading below the 55-EMA,200-EMA, and 365-EMA on the 4-hour chart, indicating a bearish trend. The immediate resistance is at 0.8000; any break above targets 0.8040/0.8070/0.8090/0.8150/0.82180.
Support Levels and Potential Declines
On the downside, near-term support is around 0.7960; any violation below will drag the pair to 0.7920/0.7860/0.7800/0.7770.
Indicators (4-hour chart)
CCI (50) - Bearish
Directional Movement Index - Bearish
Trading Strategy Recommendation
It is good to buy on dips around 0.7968-70 with SL around 0.7920 for a TP of 0.8090/0.8148.
