USDCHF holds above the 0.8100 level on board-based US dollar buying. It hits an intraday high of 0.81179 and is currently trading around 0.081012.
Markets eye the US ISM services PMI data for further direction.
Technical Analysis Points to Further Upside
The pair is trading above the 55-EMA, 200 EMA, and below the 365 EMA on the 4-hour chart, indicating a mixed trend. The immediate resistance is at 0.8135, any break above targets 0.8170/0.8215/0.8250.
Support Levels and Potential Declines
On the downside, near-term support is around 0.8060, any violation below will drag the pair to 0.8040/ 0.8020/0.7980/0.7920/0.7860/0.7800.
Indicators (1-hour chart)
CCI (50) - Bullish
Directional Movement Index - Bullish
Trading Strategy Recommendation
It is good to buy on dips around 0.8080 with a stop-loss at 0.8050 for a TP of 0.8170/0.8215.
