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FxWirePro: USD/CHF Trade Idea

  • Harmonic pattern – Bullish AB=CD Pattern
     
  • USD/CHF has shown a massive selling yesterday after Fed minutes meeting. The pair declined till 0.98080 after Fed minutes showed concerns over weak inflation. The Fed minutes meeting shows that economy is growing strong and is operating above full employment. But decline in inflation is cause of concern and any ongoing tightening will push the inflation further down.
     
  • On the lower side, near term support is around 0.9800 (200- day EMA0 and any break below will drag the pair to lower level till 0.97730 (resistance turned into support)/0.9745/0.9705. The pair should break below 0.9705 for further weakness.
     
  • The near term resistance is around 0.9850 (233- day MA) and any violation above will take the pair to next level till 0.9875/0.9900. It should break above 0.9950 for further jump till 1.00380.

It is good to buy on dips at 0.97850 with SL around 0.9745 for the TP of 0.9850/0.9900

Resistance
 

R1-0.9850
 

R2 0.9900
 

R3- 0.9950
 

Support               
 

S1- 0.97730
 

S2- 0.9745
 

S3-0.9705

 

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