USDCHF trades well below 0.8050 on Fed rate cut hopes. Currently trading at 0.80260, it reached an intraday low of 0.80209.
Technical Analysis Points to Further Bullishness
The pair is trading below the 55-EMA, the 200-EMA, and the 365-EMA on the 1-hour chart, indicating a bearish trend. The immediate resistance is at 0.80580; any break above targets 0.8105/0.8150/0.82180.
Support Levels and Potential Declines
On the downside, near-term support is around 0.8020; any violation below will drag the pair to 0.8000/0.7965/ 0.7920/0.7865/0.7800.
Indicators (1-hour chart)
CCI (50) - Bearish
Directional Movement Index - Neutral
Trading Strategy Recommendation
It is good to sell on rallies around 0.8048-50 with SL around 0.8090 for a TP of 0.7965.
