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USDCHF has traded in a narrow range between 0.80070 and 0.79287 for the past five days. Currently trading at 0.79730, it reached a peak of 0.79830.
Technical Analysis Points to Further Weakness
The pair is trading above the 55-EMA, below the 200 EMA and 365 EMA on the 4-hour chart, indicating a weak trend. The immediate resistance is at 0.7980; any break above targets 0.8020/0.8070/0.8090/0.8135/0.8170/0.8215/0.8250.
Support Levels and Potential Declines
On the downside, near-term support is around 0.7920; any violation below will drag the pair to 0.7900/0.7860/0.7800.
Indicators (4-hour chart)
CCI (50) - Bullish
Directional Movement Index - Neutral
Trading Strategy Recommendation
It is good to sell on rallies around 0.7980-820 with SL around 0.8020 for a TP of 0.7860.
