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FxWirePro: USD/CHF forms falling wedge pattern, markets eye SNB monetary policy

Pattern formed- Falling wedge

 

USDCHF has formed lower lows (0.99525,0.99088 and 0.98632) and lower highs (1.01285,1.00085 and 0.99655). Yesterday the pair hits high of 0.99655 and shown a minor decline. Markets eye SNB monetary policy meet today for further direction. SNB is expected to keep rates unchanged and will maintain a dovish tone. It is currently trading around 0.99234.

 

The near term major resistance is around 0.99635 (falling wedge break out) and any convincing break above targets 1.0010/1.00680. Any violation above 1.013 confirms minor trend reversal.

 

On the lower side ,support is around 0.9880 and any violation below will take the pair to next level till 0.9845/0.9800.

 

It is good to buy above 0.9965 with SL around 0.9920 for the TP of 1.010.

 

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