Buying the Dip? USDCHF Momentum Shifts Despite Trend Headwinds

USDCHF holds above 0.7850 on board-based US dollar buying. Having made an intraday high of 0.78634, it is currently trading at 0.78570.

Technical Analysis Points to Further Bearishness

The pair is trading  below the 55-EMA, 200-EMA, and 365-EMA on the 4-hour chart, indicating a bearish trend. The immediate resistance is at  0.7865,any break above targets /0.7925/0.7960/0.8000/0.8040.

Support Levels and Potential Declines

On the downside, near-term support is around 0.7800; any violation below will drag the pair to 0.7765/0.7000/0.7660/0.7628.

Indicators (4-hour chart)

CCI (50) - Bullish

Directional Movement Index -  Bullish

Trading Strategy Recommendation

It is good to buy on dips around 0.7818-20 with SL around 0.7765 for a TP of 0.8000.