USD/CHF: Bullish Breakout Looms Above 0.8000

USDCHF is struggling to break above 0.8000 and has declined sharply after hitting a high of 0.79948. It hits an intraday low of 0.79197 and is currently trading around 0.79664. Intraday bias appears to be bullish if the pair breaks 0.8000.

Technical Analysis Points to Further Upside

The pair is trading above the   55-EMA, below the 200 EMA, and 365 EMA on the 15-min chart, indicating a mixed trend. The immediate resistance is at  0.8000, any break above targets 0.8050/0.8090/0.8140/0.8180/0.8250/0.8300.

Support Levels and Potential Declines

On the downside, near-term support is around 0.7920; any violation below will drag the pair to 0.7900/0.7860/0.7800.

Indicators (15-min chart)

CCI (50) - Bullish

Directional Movement Index -  Bullish

Trading Strategy Recommendation

It is good to buy above 0.8000 with a stop-loss at 0.7950 for a TP of 0.8090.

6696