FxWirePro: USD/CHF Trade Idea

• USD/CHF was trading higher yesterday and jumped almost 80 pips from the low of 0.9550.The pair hits high of 0.96303 and declined almost 30 pips from the high of 0.96303. The main reason for this jump is that easing US trade war. Trump twitted that ‘we are not in a trade war with China’ after China imposed new tariffs for 106 US products. The ease in trade war has dragged the prices of safe haven assets like yen and Swiss franc. It is currently trading around 0.96280.
   
• The near term resistance is around 0.9660 and any convincing break above will take the pair to next level till 0.9700/0.9725.
   
• On the lower side major support is around 0.9550 and any break below 0.952/0.9500/0.9450.The pair should break below 0.9420 for further weakness.       

It is good to buy on dips around 0.9600 with SL around 0.9560 for the TP of 0.9700/0.9720.

Resistance
 

R1-0.9660
 

R2 – 0.9700
 

R3- 0.9725

Support               
 

S1-0.9550
 

S2- 0.9520
 

S3- 0.9450