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FxWirePro: USD/CHF Trade Idea

  • USD/CHF has shown a huge jump in previous week and has broken major resistance 0.98363 and closed slightly above that level. The pair also closed above trend line resistance in the weekly chart. Short term trend is still bullish as long as support 0.9705 holds. It is currently trading around 0.98107. The main reason for dip in Swiss franc was mainly due to easing geo political tensions in North Korea which has reduced demand for safe haven assets.
     
  • On the lower side, near term support is around 0.9770 (55- W EMA) and any break below will drag the pair to next level till 0.9730/0.9705/0.9680. Short term bearish continuation only below 0.9640. Overall long term support is around 0.9420.
     
  •  The near term resistance is around 0.9845 and any violation above will take the pair to next level till 0.9900.

It is good to buy on dips around 0.9820 with SL around 0.9770 for the TP of 0.9900/0.9990.

 

Resistance
               

R1- 0.9900
 

R2 0.9950
 

R3- 1.000
 

Support               
 

S1- 0.9770
 

S2-0.9705
 

S3-0.9640

 

 

 

 

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