USDCHF breaks the previous week's high after a long consolidation due to broad-based US dollar buying. It hits an intraday high of 0.80717 and is currently trading around 0.080488.
Technical Analysis Points to Further Upside
The pair is trading above the 55-EMA, 200 EMA, and below the 365 EMA on the 4-hour chart, indicating a mixed trend. The immediate resistance is at 0.8090, any break above targets 0.8135/0.8170/0.8215/0.8250.
Support Levels and Potential Declines
On the downside, near-term support is around 0.8028; any violation below will drag the pair to 0.7980/0.7920/0.7860/0.7800.
Indicators (4-hour chart)
CCI (50) - Bullish
Directional Movement Index - Bullish
Trading Strategy Recommendation
It is good to buy on dips around 0.8030 with a stop-loss at 0.7998 for a TP of 0.8090/0.8130.
