USDCHF had a double bottom around 0.7870 and experienced a modest retracement above the 0.7900 level. With an intraday high of 0.79312, it is presently trading at 0.79170. Any infraction under 0.7860 confirms more bearishness.
Technical Analysis Points to Further Bullishness
The pair is trading below the 55-EMA,200-EMA, and 365-EMA on the 4-hour chart, indicating a bearish trend. The immediate resistance is at 0.7965; any break above targets 0.8000/0.8040/0.8070/0.8090/0.8150/0.82180.
Support Levels and Potential Declines
On the downside, near-term support is around 0.7860; any violation below will drag the pair to 0.7800/0.7770.
Indicators (4-hour chart)
CCI (50) - Bearish
Directional Movement Index - Neutral
Trading Strategy Recommendation
It is good to sell on rallies around 0.7968-70 with SL around 0.8000 for a TP of 0.7860.
