USDCHF forms a triple bottom around 0.7920 and shows a minor pullback. Any breach below 0.7920 confirms further bearishness. Currently trading at 0.79464, it reached an intraday low of 0.79464.
Technical Analysis Points to Further Bullishness
The pair is trading below the 55-EMA, the 200-EMA, and the 365-EMA on the 4-hour chart, indicating a bearish trend. The immediate resistance is at 0.8000; any break above targets 0.8040/0.8090/0.8150/0.82180.
Support Levels and Potential Declines
On the downside, near-term support is around 0.7920; any violation below will drag the pair to 0.7865/0.7800.
Indicators (4-hour chart)
CCI (50) - Bearish
Directional Movement Index - bearish
Trading Strategy Recommendation
It is good to sell on rallies around 0.8000 with SL around 0.8040 for a TP of 0.7865.
