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FxWirePro: USDCHF Trade Idea

Chart pattern- Flag

 

USDCHF has broken major Flag pattern resistance 0.99200 after a long consolidation. The pair was trading between 0.99553 and 0.98478 for past one week. It hits high of 0.99593 and is currently trading around 0.99371.

 

The near term resistance is around 0.9960 and any break above targets 1.000/1.00680.

 

On the lower side, any major weakness cane be seen only below 0.98500 and convincing break below targets 0.9780/0.9720.

 

It is good to buy on dips around 0.9920-25 with SL around 0.9850 for the TP of 1.00680

 

Resistance

 

R1- 0.9960
 

R2 - 1.000

R3- 1.00680


Support               

 

S1- 0.9850


S2- 0.9780

 

S3- 0.9725

 

 

 

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