USDCHF holds well above the 0.8000 level after taking support near the 55-4H EMA on board-based US dollar buying. Currently trading at 0.80434, it reached a low of 0.79887 yesterday. Watch out for 0.8070 for further upside.
Technical Analysis Points to Further Bullishness
The pair is trading above 55-EMA, the 200 EMA, and above 365 EMA on the 4-hour chart, indicating a mixed 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 0.7980; any violation below will drag the pair to 0.7920/0.7900/0.7860/0.7800.
Indicators (4-hour chart)
CCI (50) - Bullish
Directional Movement Index - Neutral
Trading Strategy Recommendation
It is good to buy on dips around 0.8020 with SL around 0.7980 for a TP of 0.8135.
