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USD/CHF Pauses After 200-Pip Rally — Buy Dips Near 0.775, Target 0.790

USDCHF showed a minor profit booking after 200 pips gain from a minor bottom of 0.76013. Having made a low of 0.77381 yesterday, it is currently trading at 0.77642.

Technical Analysis Points to Further Bullishness

The pair is trading above the 55-EMA, and 200-EMA, and below 3the 65-EMA on the 1-hour chart, indicating a mixed trend. The immediate resistance is at  0.7825; any break above targets  0.7865/0.7925/0.7965/0.8000.

Support Levels and Potential Declines

On the downside, near-term support is around 0.7725; any violation below will drag the pair to 0.7660/0.7600/0.7540/0.7500.

Indicators (1-hour chart)

CCI (50) - Bearish

Directional Movement Index -  Neutral

Trading Strategy Recommendation

It is good to buy on dips around 0.7748-50 with SL around 0.7700 for a TP of 0.7900.

 

 

 

 

 

 

 

 

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