USDCHF Double Bottom Fails – Bears Reload for 0.7860 Breakdown

USDCHF had a double bottom around 0.7870 and experienced a modest retracement above the 0.7900 level. With an intraday high of 0.79312, it is presently trading at 0.79170. Any infraction under 0.7860 confirms more bearishness.

Technical Analysis Points to Further Bullishness

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  0.7965; any break above targets  0.8000/0.8040/0.8070/0.8090/0.8150/0.82180.

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) - Bearish

Directional Movement Index -  Neutral

Trading Strategy Recommendation

It is good to sell on rallies around 0.7968-70 with SL around 0.8000 for a TP of 0.7860.