USDCHF pared some of its gains on board-based US dollar selling. Having made an low of 0.79799, it is currently trading at 0.8000.
Technical Analysis Points to Further Bearishness
The pair is trading below the 55-EMA, above 200-EMA, and 365-EMA on the 4-hour chart, indicating a mixed trend. The immediate resistance is at 0.8050,any break above targets 0.8090/0.8150/0.8200.
Support Levels and Potential Declines
On the downside, near-term support is around 0.8000; any violation below will drag the pair to 0.7965/ 0.7925/0.7865/0.7800/0.7765/0.7000/0.7660/0.7628.
Indicators (4-hour chart)
CCI (50) - Bearish
Directional Movement Index - neutral
Trading Strategy Recommendation
It is good to sell on rallies around 0.8068-70 with SL around 0.8150 for a TP of 0.7960.
