USDCHF jumped sharply after board-based US dollar buying. Having made an intraday high of 0.78135, it is currently trading at 0.77940.
Technical Analysis Points to Further Bullishness
The pair is trading above the 55-EMA, 200-EMA, and 365-EMA on the 1-hour chart, indicating a bullish trend. The immediate resistance is at 0.7825; any break above targets 0.7865/0.7925/0.7965/0.8000.
Support Levels and Potential Declines
On the downside, near-term support is around 0.7760; any violation below will drag the pair to 0.7000/0.7660/0.7628/0.7600/0.7540/0.7500.
Indicators (4-hour chart)
CCI (50) - Bullish
Directional Movement Index - Bullish
Trading Strategy Recommendation
It is good to buy on dips around 0.7748-50 with SL around 0.7700 for a TP of 0.7865.
