FxWirePro: USD/CHF Trade Idea

Candlestick pattern- Doji and Shooting star

Major resistance  0.9950

USDCHF has recovered once gain after hitting low of 0.9855 level. The pair jumped till 0.99225 and is currently trading around 0.9900.USD was trading higher against Swiss franc for past 10 trading days and has jumped almost 400pips . Swiss franc gained momentum and jumped more than 100 pips on account of geo political tensions in Italy and trade war worries between US and China has increased demand of safe haven currencies like Yen,Swiss franc.

On the lower side, near term support is around 0.9855 (23.6% fib) and any break below targets 0.9815 (89- day EMA)/0.9755 (20- day MA).

The near term major resistance is around 0.9955 and any violation above will take the pair till 1.000/1.00681. The pair should break above 1.00680 for further upside.

It is good to sell on rallies around 0.9905-0.9910 with SL 0.9960 for the TP of 0.9815/0.9755.

R1- 0.9955
 

R2 - 1.000
 

R3- 1.00680

Support               

S1- 0.9855

S2- 0.9815

S3- 0.9780