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USDCHF Explodes Higher: Breaks to 0.78135 High – Bulls Eye 0.8000 Breakout

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.

 

 

 

 

 

 

 

 

 

 

 

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