USDCHF has traded strongly for the past 10 days on board-based US dollar buying. Currently trading at 0.80720, it reached an intraday high of 0.81020.
Technical Analysis Points to Further Bullishness
The pair is trading above the 55-EMA, the 200-EMA, and the 365-EMA on the 4-hour chart, indicating a bullish trend. The immediate resistance is at 0.81050; any break above targets 0.8150/0.82180.
Support Levels and Potential Declines
On the downside, near-term support is around 0.8050; any violation below will drag the pair to 0.8020/0.8000/0.7965/ 0.7920/0.7865/0.7800.
Indicators (4-hour chart)
CCI (50) - Bullish
Directional Movement Index - Bullish
Trading Strategy Recommendation
It is good to buy on dips around 0.8050 with SL around 0.8000 for a TP of 0.8150/0.8218.
