USDCHF pared some of its gains on board-based US dollar selling. Currently trading at 0.80497, it reached an intraday low of 0.8466.
Technical Analysis Points to Further Bullishness
The pair is trading below 55-EMA, the 200 EMA, and above 365 EMA on the 4-hour chart, indicating a mixed trend. The immediate resistance is at 0.8100; any break above targets 0.8150/0.8180/0.8215/0.8250.
Support Levels and Potential Declines
On the downside, near-term support is around 0.8040; any violation below will drag the pair to 0.8020/0.7965/0.7900/0.7860/0.7800.
Indicators (4-hour chart)
CCI (50) - Bearish
Directional Movement Index - Bearish
Trading Strategy Recommendation
It is good to sell on rallies around 0.80650-670 with SL around 0.8100 for a TP of 0.7900.
