USDCHF pared most of its gains despite strong US jobs data. Having made a high of 0.77300 yesterday, it is currently trading at 0.76706.
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 0.7700; any break above targets 0.7730/0.77455/0.7800/0.7865/0.7925/0.7965/0.8000.
Support Levels and Potential Declines
On the downside, near-term support is around 0.7660; any violation below will drag the pair to 0.7628/0.7600/0.7540/0.7500.
Indicators (4-hour chart)
CCI (50) - Bearish
Directional Movement Index - Bearish
Trading Strategy Recommendation
It is good to sell on rallies around 0.7728-30 with SL around 0.7785 for a TP of 0.7500.
