USDCHF gained above 0.7950 as strong US jobs data decreased the chance of a rate cut by the Fed. It hits an intraday high of 0.79751 and is currently trading around 0.79707. Intraday bias appears to be bullish as long as the support at 0.7920 holds.
US dollar index gained momentum on renewed trade war concerns. It has broken the previous week's high of 97.42 and is hovering around 97.417.
Technical Analysis Points to Further Upside
The pair is trading above the 55-EMA, 200 EMA, and 365 EMA on the 15-min chart, indicating a bullish trend. The immediate resistance is at 0.79835, any break above targets 0.8000/0.8050/0.8090/0.8140/0.8180/0.8250/0.8300.
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 on dips around 0.7950 with a stop-loss at 0.7920 for a TP of 0.8050.
