USDCHF has traded in a narrow range with neutral bias for the past three days. It hits an intraday high of 0.79792 and is currently trading around 0.79700.
Technical Analysis Points to Further Downside
The pair is trading above the 55-EMA, below the 200 EMA, and 365 EMA on the 1-hour chart, indicating a weak trend. The immediate resistance is at 0.8000; any break above targets 0.8070/0.8090/0.8135/0.8170/0.8215/0.8250.
Support Levels and Potential Declines
On the downside, near-term support is around 0.7920; any violation below will drag the pair to 0.7920/0.7860/0.7800.
Indicators (1-hour chart)
CCI (50) - Bearish
Directional Movement Index - Bearish
Trading Strategy Recommendation
It is good to sell on rallies around 0.7968-70 with SL around 0.8010 for a TP of 0.7860.
