- Major support – 0.99140 (Trend line joining 0.95370 and 0.96788 and 200- day MA).
- Major intraday resistance – 0.9960 (support turned into resistance).
- USD/CHF has formed a temporary top around 1.01700 and declined sharply from that level. The pair shown a dip till 0.99218 yesterday and is currently trading around 0.99294.
- On the lower side, major resistance is around 0.99150 which seven month trend line support , 200 –day MA and any close below will drag the pair till 0.98600 (Jan 31st low)/ 0.97850 (61.8% retracement of 0.95370 and 1.01700).
- The minor jump from 0.95370 and 1.03435 will come to end if the pair breaks below 0.98600 level.
- The near term resistance is around 0.9960 (support turned into resistance) and any break above will take the pair till 1.000/1.0040 (10- day MA)/1.0060.
It is good to buy on dips around 0.9920-0.99225 with SL around 0.9860 for the TP of 0.9990/1.0040.
Resistance
R1- 0.9960
R2 -1.000
R3- 1.0040
Support
S1-0.9914
S2-0.9860
S3-0.9780