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USDCHF Eyes Breakout: Riding Bullish Wave Above 0.8000 Toward 0.8135.

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.

 

 

 

 

 

 

 

 

 

 

 

 

 

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