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USDCHF formed double bottom around 0.7870 and showed a minor pullback. Currently trading at 0.79478, it reached a intraday high of 0.79556
Technical Analysis Points to Further Bullishness
The pair is trading above the 55-EMA, below the 200-EMA, and 365 EMA on the 1-hour chart, indicating a mixed trend. The immediate resistance is at 0.7965; any break above targets 0.8000/0.8020/0.8070/0.8100/0.8150.
Support Levels and Potential Declines
On the downside, near-term support is around 0.7900; any violation below will drag the pair to 0.7865/0.7800.
Indicators (1-hour chart)
CCI (50) - Bullish
Directional Movement Index - Neutral
Trading Strategy Recommendation
It is good to buy on dips around 0.7925-28 with SL around 0.7870 for a TP of 0.8090.
