FxWirePro: USDCHF Trade Idea

USDCHF forms a temporary top around 1.01242 on Mar 7th 2019 and started to show a minor sell-off on Brexit uncertainty and broad based USD dollar selling. DXY has formed a double top around 97.71 and lost more than 100 pips from that level. The pair hits low of 1.00264 and is currently trading around 1.00446.

On the higher side, near term resistance is around 1.0100 and any violation above targets 1.01285. Any break above 1.01285 confirms that bear trend has stopped around 0.97162 and jump till 1.0175/1.0340 is possible.

The near term support is around 1.0020 and any break below will take the pair to next level till 0.9990/0.9950/0.9918 (200- day MA).

It is good to sell on rallies around 1.00580-60 with SL around 1.0100 for the TP of 0.9990/0.9958.

Resistance

 R1- 1.01285

R2 -1.0175

R3-1.0245

Support               

S1- 1.0020

S2- 0.9990

S3- 0.9950