USDCHF gained sharply as demand for safe-haven assets like Swiss Franc diminished. It hit an intraday high of 0.84747 and is currently trading around 0.84722. Intraday bias appears to be bullish as long as the support 0.8378 holds.
Technical Analysis Points to Further Upside
The pair is trading above the 34-EMA and 55-EMA on the 4-hour chart indicates a major up trend. The immediate resistance is at 0.8500 any break above targets 0.8520/0.8580/0.8625.
Support Levels and Potential Declines
On the downside, near-term support is around 0.8420, any violation below will drag the pair to 0.8378/0.8320/0.8270/0.8230/0.8180/0.8135/0.8090/0.8000.
Bullish Indicators
CCI (50) - Bullish
Directional movement Index - Bullish
Trading Strategy Recommendation
It is good to buy on dips around 0.8 with a stop-loss at 0.823 for a TP of 0.8500.
