USDCHF Stuck in the Box – Buy the 0.7748 Dip, 0.7900 on Deck?

USDCHF is consolidating in a narrow range after forming a temporary top around 0.78174. Having made a low of 0.77424 yesterday, it is currently trading at 0.77797.

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 0.7740; any violation below will drag the pair to 0.7700/0.7660/0.7600/0.7540/0.7500.

Indicators (1-hour chart)

CCI (50) - Bullish

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.