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USDCHF lost its shine as demand for safe-haven assets Swiss franc, increases.It hits an intraday high of 0.79434 and is currently trading around 0.79378. Intraday bias appears to be bearish as long as resistance 0.8000 holds.
Technical Analysis Points to Further Downside
The pair is trading below the 55-EMA, below the 200 EMA, and 365 EMA on the 4-hour chart, indicating a bearish trend. The immediate resistance is at 0.7950; any break above targets 0.8000/0.8050/0.8090/0.8140/0.8180/0.8250/0.8300.
Support Levels and Potential Declines
On the downside, near-term support is around 0.7900, any violation below will drag the pair to 0.7860/0.7800.
Indicators (1- hour chart)
CCI (50) - Bearish
Directional movement Index - neutral
Trading Strategy Recommendation
It is good to sell on rallies around 0.7950 with a stop-loss at 0.8000 for a TP of 0.7855.
