FxWirePro: USD/CHF trade idea

After a long consolidation the pair declined well below 0.9900 level. The pair had hits low of 0.98947 on Aug 9th 2018 and showed a minor recovery till 0.99825. The broad selling in US dollar after Trump’s comment on US fed was the main reason for good dip in this pair. The pair hits low of 0.98686 at the time of writing and is currently trading around 0.98850.

The pair has closed below trend line support in 4 hour chart and this confirms minor weakness 0.97880/0.9725 is possible.

On the higher side , near term resistance is around 0.9928 (4- hr Kijun-Sen) and any break above targets 0.9945 (200- 4H MA) /0.9985/1.000. It should break above 1.000 for further bullishness.

It is good to sell on rallies around 0.9885-880 with SL around 0.9928 for the TP of 0.9785/0.9725.

Resistance

R1- 0.9928
 

R2 - 0.9945
 

R3- 0.9985

Support               

S1- 0.9860

S2- 0.9780

S3- 0.9725