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FxWirePro: Swiss franc gaining strength against USD on lack of progress in US-China trade talks good to sell on rallies

Chart pattern-Triple top

 

Major resistance- 1.01285

 

USDCHF has once again declined after hitting high of 1.00982 yesterday. It has formed almost a triple top near 1.0100 level. The pair has jumped more than 350 pips in past one month on improving market risk sentiment. It hits low of 1.00448 and is currently trading around 1.00551.

 

The near term support is around 1.00410 (7- day MA) and any break below targets 1.0010/1.0020 (10- day MA)/0.9979 (20- day MA)/0.9950 (38.2% fib).

 

The major intraday resistance is around 1.0100 and any violation above targets 1.01285 (Nov 13th 2018). Any convincing break above 1.0130 confirms bullish continuation and a jump till 1.0170/1.0340 likely.

 

It is good to sell on rallies around 1.0075-78 with SL around 1.01350 for the TP of 0.9980.

 

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