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USDCHF Pares Gains Amidst Dollar Weakness; Sell Rallies Recommended

USDCHF pared some of its gains as US dollar loses momentum. Having made an intraday high of 0.80732, it is currently trading at 0.80540.

 

Technical Analysis Points to Further Bearishness

The pair is trading below the 55-EMA, above the 200-EMA, and 365-EMA on the 4-hour chart, indicating a mixed trend. The immediate resistance is at  0.8090; any break above targets 0.8150/0.8200.

Support Levels and Potential Declines

On the downside, near-term support is around 0.8040; any violation below will drag the pair to 0.8000/0.7965/ 0.7925/0.7865/0.7800/0.7765/0.7000/0.7660/0.7628.

Indicators (4-hour chart)

CCI (50) - Bearish

Directional Movement Index -  neutral

Trading Strategy Recommendation

It is good to sell on rallies around 0.8068-70 with SL around 0.8150 for a TP of  0.7960.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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