USDCHF holds below 0.7800 on board-based US dollar selling. Having made an intraday low of 0.77715, it is currently trading at 0.77758.
Technical Analysis Points to Further Bearishness
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 0.7800,any break above targets 0.7865/0.7925/0.7960/0.8000.
Support Levels and Potential Declines
On the downside, near-term support is around 0.7760; any violation below will drag the pair to 0.7000/0.7660/0.7628.
Indicators (4-hour chart)
CCI (50) - Bearish
Directional Movement Index - Bearish
Trading Strategy Recommendation
It is good to sell on rallies around 0.7800 with SL around 0.7865 for a TP of 0.7655/0.7620.
