USDCHF showed a minor profit booking after 200 pips gain from a minor bottom of 0.76013. Having made a low of 0.77381 yesterday, it is currently trading at 0.77642.
Technical Analysis Points to Further Bullishness
The pair is trading above the 55-EMA, and 200-EMA, and below 3the 65-EMA on the 1-hour chart, indicating a mixed trend. The immediate resistance is at 0.7825; any break above targets 0.7865/0.7925/0.7965/0.8000.
Support Levels and Potential Declines
On the downside, near-term support is around 0.7725; any violation below will drag the pair to 0.7660/0.7600/0.7540/0.7500.
Indicators (1-hour chart)
CCI (50) - Bearish
Directional Movement Index - Neutral
Trading Strategy Recommendation
It is good to buy on dips around 0.7748-50 with SL around 0.7700 for a TP of 0.7900.
