Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: USD/CHF trades higher on dovish SNB, good to buy on dips

  • USD/CHF has shown huge jump almost 65 pips after dovish SNB statement. SNB has kept its deposit rates unchanged at -0.75% and target range for three month Libor stayed at between -1.25% and -0.25%. SNB’S Jordan said that CHF still overvalued and upgraded its inflation target to 0.7% from 0.4%. The pair hits high of 0.99045 and is currently trading around 0.9884.
     
  • On the higher side, near term resistance is around 0.99273(61.8 % fibo) and any break above will take the pair to next level till 0.9945/0.9977 (Dec 8th 2017 high). It should break above 1.0040 for short term bullishness.
     
  • The near term support is around 0.9845 (55 day EMA) and any violation below that level will drag the pair to next level till 0.9800/0.9770/0.9735.

It is good to buy on dips around 0.9845-0.9850 with SL around 0.9800 for the TP of 0.9945/0.9975.

 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.