USDCHF gained sharply on board-based US dollar buying. Currently trading at 0.80340, it reached an intraday high of 0.80489.
Technical Analysis Points to Further Bearishness
The pair is trading above 55-EMA, the 200 EMA, and 365 EMA on the 4-hour chart, indicating a bullish trend. The immediate resistance is at 0.8070; any break above targets 0.8090/0.8135/0.8170/0.8215/0.8250.
Support Levels and Potential Declines
On the downside, near-term support is around 0.7965; any violation below will drag the pair to 0.7860/0.7800.
Indicators (4-hour chart)
CCI (50) - Bearish
Directional Movement Index - Bearish
Trading Strategy Recommendation
It is good to buy on dips around 0.8028-30 with SL around 0.8000 for a TP of 0.8070/0.8090.
