The USD/CHF rebounded sharply from 1.0055 levels, erasing the earlier losses, after ECB Press conference. ECB president Mario Draghi said, ECB will review its monetary policy due to financial turmoil around the world, holding out prospect of further loosening.
- The short term picture depicts more bullish trend for this pair, as the pair is supported by rising trend line in daily chart, the relative index in the 4 hour chart is pointing upwards, the 55, 30 and 20 MA's is indicating upward momentum. Overall the technical indicators are depicting more upside for this pair.
- To the upside, the strong resistance can be seen at 1.0120, a break above this level would take the pair towards next resistance level at 1.0146.
- To the downside immediate support can be seen 1.0057, a break below this level will take the pair to next level at 0.9990.
Recommendation: Go long above 1.0050, targets 1.0140, 1.0200, SL 0.9956
Support levels: 1.0057, 0.9990, 0.9956
Resistance levels: 1.0120, 1.0146, 1.0201
