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FxWirePro: USD/CHF faces strong resistance at 200 day MA, good to buy at dips

  • Major resistance - 0.9840 (200 day MA)
     
  • Major support – 0.9740 (daily Kijun-Sen)
     
  • USD/CHF has made a high of 0.9836 yesterday and started to decline from that level.  It is currently trading around 0.9800.
     
  • Short term trend is bullish as long as support 0.9740 holds.
     
  • On the higher side, any break above 0.9835 will take the pair to next level till 0.99075/0.9960 level.
     
  • The downside has been capped by daily Kijun-Sen and any break below targets 0.9679 (daily Tenken-Sen)/0.9630/0.9580.
     
  • Overall bullish invalidation only below 0.9500 level.

It is good to buy at dips around 0.9780 with SL around 0.9740 for the TP of 0.9835/0.9860

 

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