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USDCHF Breaks Free: Bullish Momentum Targets 0.81 and Beyond

USDCHF breaks significant trend line resistance after a long consolidation. gained sharply above 0.8050 on board-based US dollar buying. Currently trading at 0.80644, it reached an intraday high of 0.80642. 

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  0.8070; any break above targets  0.8090/0.8135/0.8170/0.8215/0.8250.

Support Levels and Potential Declines

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

Indicators (4-hour chart)

CCI (50) - Bullish

Directional Movement Index -  Bullish

Trading Strategy Recommendation

It is good to buy on dips around 0.8048-50 with SL around 0.8020 for a TP of 0.8090/0.8150.

 

 

 

 

 

 

 

 

 

 

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