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FxWirePro:USD/CHF downside capped by 38.2% fib, good to sell on rallies

USDCHF reverses from 1 week low made yesterday. The pair hits low of 1.00240 and jumped nearly 30 pips.Swiss franc was trading lower for past one month and USDCHF recovered more than 350 pips on improving risk sentiment. Global stock markets jumped sharply on account US and China trade optimism. It has formed triple top around 1.010 and started to decline. It is currently trading around 1.00485.

 

The near term major resistance is around 1.0100 and any convincing break above targets 1.01285.Any break above 1.01285 confirms that pair has formed a bottom around 0.97162.

 

On the lower side, near term support is around 1.00240 (38.2% fib) and any break below will drag the pair to next level till 1.000/0.9970/.0.9950.

 

It is good to sell on rallies around 1.0058-60 with SL around 1.0100 for the TP of 0.9970/0.9950.

 

 

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