USDCHF gained above the 0.7800 level after the upbeat US ISM manufacturing index. Having made an intraday high of 0.78174, it is currently trading at 0.78062.
Technical Analysis Points to Further Bullishness
The pair is trading above the 55-EMA and 200-EMA, and below 365-EMA on the 1-hour chart, indicating a mixed trend. The immediate resistance is at 0.7825; any break above targets 0.7865/0.7925/0.7965/0.8000.
Support Levels and Potential Declines
On the downside, near-term support is around 0.7725; any violation below will drag the pair to 0.7660/0.7600/0.7540/0.7500.
Indicators (1-hour chart)
CCI (50) - Bullish
Directional Movement Index - Bullish
Trading Strategy Recommendation
It is good to buy on dips around 0.7780 with SL around 0.7720 for a TP of 0.7900.
