USDCHF pared some of its gains as US dollar loses momentum. Having made an intraday high of 0.80732, it is currently trading at 0.80540.
Technical Analysis Points to Further Bearishness
The pair is trading below the 55-EMA, above the 200-EMA, and 365-EMA on the 4-hour chart, indicating a mixed trend. The immediate resistance is at 0.8090; any break above targets 0.8150/0.8200.
Support Levels and Potential Declines
On the downside, near-term support is around 0.8040; any violation below will drag the pair to 0.8000/0.7965/ 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.
