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USDCHF Under Pressure: Bearish Momentum Targets 0.7865 Amid Broad Dollar Weakness

USDCHF pared some of its gains on board-based US dollar selling. Currently trading at 0.79340, it reached a low of 0.79313. 

Technical Analysis Points to Further Bearishness

The pair is trading below 55-EMA,  the 200 EMA, and 365 EMA on the 4-hour chart, indicating a bearish trend. The immediate resistance is at  0.800; any break above targets  0.8020/0.8070/0.8090/0.8135/0.8170/0.8215/0.8250.

Support Levels and Potential Declines

On the downside, near-term support is around 0.7900; any violation below will drag the pair to 0.7860/0.7800.

Indicators (4-hour chart)

CCI (50) - Bearish

Directional Movement Index -  Bearish

Trading Strategy Recommendation

It is good to sell on rallies around  0.7958-60 with SL around 0.8000 for a TP of 0.7865.

 

 

 

 

 

 

 

 

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