USD/CHF Spikes Past 0.7960 on Mixed US Data: Sell Rallies to 0.7965, Targeting 0.7800 Drop

USDCHF gained above 0.7960 after mixed  US economic data. It touched an intraday high of 0.79727 and is now trading at 0.79644.

Technical Analysis Points to Further Bullishness

The pair is trading above the 55-EMA,below 200-EMA, and 365 EMA on the 4-hour chart, indicating a mixed trend. The immediate resistance is at  0.79750; any break above targets  0.8000/0.8040/0.8090/0.8150/0.82180.

Support Levels and Potential Declines

On the downside, near-term support is around 0.7920; any violation below will drag the pair to 0.7860/0.7800/0.7770.

Indicators (4-hour chart)

CCI (50) - Bullish

Directional Movement Index -  Neutral

Trading Strategy Recommendation

It is good to sell on rallies around 0.7965 with SL around 0.8000 for a TP of 0.7800.