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USDCHF 250-Pip Firestorm from Hell — Sell Every Rally to 0.8078 Before 0.7965 Bloodbath

Following a rise of more than 250 pips from the temporary bottom of 0.78756, USDCHF experienced a small sell-off. Now trading at 0.80502, it peaked at 0.81242.

Technical Analysis Points to Further Bullishness

The pair is trading above 55-EMA,  the 200 EMA, and 365 EMA on the 4-hour chart, indicating a bullish trend. The immediate resistance is at  0.8090; any break above targets  0.8150/0.8180/0.8215/0.8250.

Support Levels and Potential Declines

On the downside, near-term support is around 0.8040; any violation below will drag the pair to 0.8020/0.7965/0.7900/0.7860/0.7800.

Indicators (4-hour chart)

CCI (50) - Bullish

Directional Movement Index -  Neutral

Trading Strategy Recommendation

It is good to buy on dips around 0.80500 with SL around 0.8020 for a TP of 0.8150/0.8175.

 

 

 

 

 

 

 

 

 

 

 

 

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