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.
