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FxWirePro: USD/CHF Trade Idea

Major resistance- 1.0010

 

USDCHF is trading higher for 3rd consecutive day and jumped nearly 90 pips from the low. DXY is rebounding after better than expected US Non farm payroll data. But US and China trade talks and Brexit uncertainty are major factors which are expected to increase demand for sage haven. The pair hits high of 1.00208 and is currently trading around 1.00145.

 

On the higher side,the pair has broken major horizontal resistance at 1.0010 and this confirms minor bullishness and a jump till 1.0068/1.0130 likely.

 

The near term support is around 0.9950 and any break below will take the pair til 0.9900 (200- day MA).Any daily close below 0.9900 confirms major weakness.

 

It is good to buy on dips around 1.0010 with SL around 0.9950 for the TP of 1.0130.

 

Resistance

 

R1- 1.0010

 

R2 -1.0068

 

R3- 1.0130

 

Support               

 

S1- 0.9950

 

S2- 0.9900

 

S3- 0.9845

 

 

 

 

 

 

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