FxWirePro: USD/CHF closes below 89- W EMA, target 0.9620
Monday, May 22, 2017 8:43 AM UTC
- USD/CHF shown a huge decline in the previous week and hits 8- week low after breaking major support of 0.98120 low formed on Mar 27th 2017. The pair hits 0.97244 on Friday and is currently trading around 0.97480.
- The close below 0.98120 and 89- W EMA (0.9850) confirms that jump from 0.95493 comes to an end at 1.03400 and a dips till 0.9617 (100% projection from 1.03420 to 0.9860 from 1.0099) is possible. The near term major support is around 0.9705 (50% retracement of 0.90719 and 1.03436) /0.9640.
- On the higher side near term resistance is around 0.9850 (89 W EMA) and any break above will take the pair till 0.9900/0.9960 (200- day MA).The pair is neutral phase for the long term and it should break above 1.03435 for further bullishness.
It is good to sell on rallies around 0.9825-0.9830 with SL around 0.9900 for the TP of 0.9710/0.9620.