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USDCHF recovered sharply despite rising Middle East tension. It hit an intraday low of 0.80561 and is currently trading around 0.81305. Intraday bias appears to be bullish as long as the support 0.8090 holds.
Technical Analysis Points to Further Upside
The pair is trading below the 55-EMA, below 200 EMA and 365 EMA on the 1-hour chart indicating a mixed trend. The immediate resistance is at 0.8150 any break above targets is 0.8180/0.8200/0.8250.
Support Levels and Potential Declines
On the downside, near-term support is around 0.8090, any violation below will drag the pair to 0.8000.
Indicators (1-Hour)
CCI (50) - Bearish
Directional movement Index - Neutral
Trading Strategy Recommendation
It is good to buy on dips around 0.81000 with a stop-loss at 0.8050 for a TP of 0.82400.
