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USD/CHF Double Bottom at 0.7860 Holds Firm: Bullish Reversal in Play – Sell Rallies Targeting 0.7800

Having created a double bottom near 0.7860, USDCHF experienced a small decline. Any break under 0.7860 reinforces more bearishness. It touched an intraday high of 0.79412 and is now trading at 0.79332.

 

Technical Analysis Points to Further Bullishness

The pair is trading above the 55-EMA, below the 200-EMA, and 365 EMA on the 4-hour chart, indicating a mixed trend. The immediate resistance is at  0.7965; any break above targets  0.8000/0.8040/0.8090/0.8150/0.82180.

Support Levels and Potential Declines

On the downside, near-term support is around 0.7860; any violation below will drag the pair to 0.7800/0.7770.

Indicators (4-hour chart)

CCI (50) - Bullish

Directional Movement Index -  Neutral

Trading Strategy Recommendation

It is good to sell on rallies around 0.7965 with SL around 0.8000 for a TP of 0.7800.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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