FxWirePro: USD/CHF Trade Idea

USDCHF has shown a major spike in Asia session and jumped till 1.010 and suddenly came down below parity level.The pair has broken major resistance 1.0030 after along consolidation. DXY has rebounded sharply and broken major resistance 96.68 on account of broad based US dollar buying. But US and China trade talks and Brexit uncertainty are major factors which are expected to increase demand for safe haven assets .It is currently trading around 1.00315.

On the higher side, the pair is trading slightly above 1.0030 and this confirms minor bullishness and a jump till 1.00440/1.00680 is possible.Any major trend continuation only above 1.0130.

The near term support is around 0.9970 and any break below will take the pair til 0.9950/0.9900 (200- day MA).Any daily close below 0.9900 confirms major weakness.

It is good to buy on dips around 1.0018-20 with SL around 0.9970 for the TP of 1.0130.

Resistance

R1- 1.00440

R2 -1.00680

R3- 1.0130

Support               

S1- 0.9970

S2- 0.9950

S3- 0.9900