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FxWirePro: Buy USDCHF on dips

USDCHF shown steep fall of more than 100 pips yesterday after Fed monetary policy meeting.Fed has kept its rates unchanged at 2.25-2.50 and downgraded growth forecast for 2019 from 2.3% to 2.1% and 1.9% in 2020. The Central bank dot plot confirms that there will not be any rate hike in 2019. Swiss Central Bank (SNB) kept its deposit rates unchanged at -0.75% and mentioned that Swiss France is highly valued .It has projected its growth outlook for 2019 unchanged .But it has downgraded inflation outlook 2019at 0.3% from 0.5%.The pair hits low of 0.98944 and is currently trading around 0.99282.

 

On the higher side, near term resistance is around 0.99455 and any violation above targets 0.9972 (100- day MA)/1.0000/1.0030. Any break above 1.0060 confirms minor bullishness and a jump till 1.010.

 

The near term support is around 0.9920 (200- day MA) and any daily close below will take the pair to next level till 0.9850/0.9830.

 

It is good to buy on dips around 0.9925 with SL around 0.9890 for the TP of 1.000.

 

 

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