FxWirePro: USDCHF Trade Idea

USDCHF has halted its 6 day of consecutive up trend. The pair recovered sharply almost 200 pips from low of 0.99264 on easing trade tensions and broad based US dollar buying. It hits high of 1.01242 almost a double top (previous high 1.01285). USD dollar index shown a minor decline of 50 pips from high of 97.71 (double top)and any break above confirms continuation.

The near term support is around 1.0078 (23.6% fib) and any violation below targets 1.0054 (5- day MA)/1.00340/1.000. It should break below 1.000 for further weakness.

The major trend reversal resistance is around 1.01285 high made on Nov 13th 2018 and any violation above confirms trend reversal. Any break above targets 1.0175/1.03400.

It is good to buy on dips around 1.00680-70 with SL around 1.0030 for the 1.0175.  

Resistance

 R1- 1.01285

R2 -1.0175

R3-1.0245

Support               

S1- 1.0078

S2- 1.0053

S3- 1.000