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USDCHF: Buy on dips
Major resistance -0.9780-85
USDCHF has shown a nice recovery of more than 60 pips after a 2-month bearishness. Yesterday US dollar index jumped slightly after Fed Chairman Powell speech. He said that the US economy is facing growth uncertainties due to trade war and global growth slowdown. He emphasizes on ‘wait and see' mode on potential rate cuts. Markets awaiting US Trump and Chinese Xi Jinping meeting in the G20 for further direction. The escalation of tension between US-Iran is supporting Swiss franc. Yesterday it hits high of 0.97770 and is currently trading around 0.97456.
The near term major resistance for the intraday is around 0.9780 (100 H MA) and any violation above confirms minor bullishness and a jump till 0.9875 possible. Any break above 0.9875 (200- H MA) will take the pair till 1.000.
On the flip side, near term support is around 0.9690 and any violation below targets 0.9635/0.9600.
It is good to buy on dips around 0.9720-225 with SL around 0.9680 for the TP of 0.9835.