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USD/CHF Surges as Safe-Haven Demand Wanes: Bullish Trend Intact

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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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