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FxWirePro: USD/CHF trades higher, good to buy on dips

  • USD/CHF continuing its bullish trend for fifth consecutive days and is trading well above 0.9410 level. The pair formed almost triple bottom at 0.9320 and any further weakness only below that level. The pair hits intraday high of 0.94619 and is currently trading around 0.94639.
     
  • The USD shown a good jump in this week after Fed chairman Powell positive outlook on U.S economic growth and inflation outlook. Market eyes US ISM manufacturing data and PCE pride index.
     
  • Technically, in the daily chart the pair has taken support near 20 –day MA and shown a good jump from the level. It should move above 0.9470 for further bullishness till 0.9500/0.9535.
     
  • On the lower side, near term support is around 0.9320 and any break below will drag the pair down till 0.9300/0.9280/0.9240. Any break below 0.91817 confirms bearish continuation, a dip till 0.9060 likely. The near term support is around 0.9430/0.9380.

It is good to buy on dips around 0.9400 with SL around 0.9350 for the TP of 0.9470/0.9500.                              

 

 

 

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