USDCHF pared most of its gains on board-based US dollar selling. It hits an intraday low of 0.797312 and is currently trading around 0.79355.
Technical Analysis Points to Further Weakness
The pair is trading below 55-EMA, the 200 EMA, and 365 EMA on the 4-hour chart, indicating a weak trend. The immediate resistance is at 0.7980; any break above targets 0.8000/0.8070/0.8090/0.8135/0.8170/0.8215/0.8250.
Support Levels and Potential Declines
On the downside, near-term support is around 0.7920; any violation below will drag the pair to 0.7900/0.7860/0.7800.
Indicators (4-hour chart)
CCI (50) - Bullish
Directional Movement Index - Neutral
Trading Strategy Recommendation
It is good to sell on rallies around 0.7968-70 with SL around 0.8010 for a TP of 0.7860.
