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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.
