USD/CHF Eyes Breakout: Bulls Target 0.8000 Amid Tight Range Consolidation

USDCHF has been consolidating in a narrow range between 0.79948 and 0.79197 for the past week. It hits an intraday high of 0.79849 and is currently trading around 0.79726. 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 the 365 EMA on the 15-min chart indicates 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 0.7950; any violation below will drag the pair to 0.7920/0.7900/0.7860/0.7800.

Indicators (15-min chart)

CCI (50) - Bullish

Directional Movement Index -  Neutral

Trading Strategy Recommendation

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