USDCHF gained sharply on board-based US dollar buying. Having made an intraday high of 0.78992, it is currently trading at 0.78570.
Technical Analysis Points to Further Bearishness
The pair is trading above the 55-EMA, 200-EMA, and 365-EMA on the 4-hour chart, indicating a bullish trend. The immediate resistance is at 0.79050,any break above targets 0.7925/0.7960/0.8000/0.8040.
Support Levels and Potential Declines
On the downside, near-term support is around 0.7860; any violation below will drag the pair to 0.7800/0.7765/0.7000/0.7660/0.7628.
Indicators (4-hour chart)
CCI (50) - Bullish
Directional Movement Index - Bullish
Trading Strategy Recommendation
It is good to buy on dips around 0.7865-68 with SL around 0.7800 for a TP of 0.8000.
