USDCHF gained more than 100 pips this week on board-based US dollar buying. Having made an intraday high of 0.82979, it is currently trading at 0.82879.
Technical Analysis Points to Further Bullishness
The pair is trading above the 55-EMA, above the 200-EMA, and above the 365-EMA on the 4-hour chart, indicating a bullish trend. The immediate resistance is at 0.8300; any break above targets 0.83469/0.8400/0.8435.
Support Levels and Potential Declines
On the downside, near-term support is around 0.8250; any violation below will drag the pair to 0.8200/0.8170/0.8070/0.8000.
Indicators (4-hour chart)
CCI (50) - Bullish
Directional Movement Index - Bullish
Trading Strategy Recommendation
It is good to buy on dips around 0.82500 with SL around 0.8200 for a TP of 0.8360/0.8400.
