FxWirePro: CAD/JPY Minor Trend Fails At Stiff Resistance, Major Downtrend Intact On Head & Shoulder Pattern – Trade & Hedging Setup
USDCHF downside cushioned by 5 day MA, jump till 1.02950 likely
USDCHF has once again recovered after hitting low of 1.01689.The pair was trading higher for past one month and jumped more than 300 pips . It hits 13 month high at 1.02380 and is currently trading around 1.0223.The jump was mainly due to broad based US dollar buying and easing trade tension has decreased demand of safe haven assets. Markets eye US durable goods order for further direction.
The near term support is around 1.01660 (5- day MA) and any break below will take the pair to next level till 1.0125/1.0100.
The major resistance is around 1.02500 and any convincing break above targets 1.0300/1.03400.
It is good to buy on dips around 1.0180 with SL around 1.0145 for the TP of 1.01295.