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FxWirePro: USDCHF trades higher on increasing risk appetite, jump till 1.012 likely

Major resistance-1.010

 

USDCHF is trading extremely higher and jumped more than 60 pips in this week.The jump was mainly due to US-China trade optimism and strong Chinese data has increased risk appetite.US markets S&P500 is trading higher for 4th consecutive week and jumped more than 4.5%.Chinese GDP data came slightly better than estimate. It came at 6.4% compared to forecast of 6.3%. It is currently trading around 1.00703.

 

On the higher side, near term major resistance is around 1.0100 .Any break above 1.010 will take the pair till 1.0125. Any break above 1.0125 confirms major trend reversal.

 

The near term support is around 1.0050 (resistance turned into support) and any violation below will drag the pair till1.0020/ 0.9992 (55- day EMA)/0.9950/0.9900/0.9860.

 

It is good to buy on dips around 1.00670 with SL around 1.0050 for the TP of 1.0125.

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