FxWirePro: USD/CHF Trade Idea

• USD/CHF has broken major resistance at 0.9705 high made on Sep 14th 2017 after hawkish Fed statement. The pair has formed a minor bottom at 0.95650 on Sep 15th 2017 and trading higher from that level. It is currently trading around 0.97348.
   
• Fed has kept its interest rate unchanged and finally made formal announcement that it will start to taper QE by Oct. Fed futures are pricing in 73.4% chance of a Dec hike compared to 48.6% a week ago.
   
• Short term trend is still bullish as long as support 0.9630 (55- day EMA) holds. Any break below will drag the pair down till 0.9580/0.9525/0.9500. Overall bearish continuation can be seen only below 0.9420.The minor support is around 0.9590 (20- day MA)/0.9550.
   
• The near term resistance is around 0.97730 and any convincing break above will take the pair to next level till 0.9808/0.9866 (200- day MA).

It is good to buy on dips around 0.9680 with SL around 0.9630 for the TP of 0.97730/0.9808

Resistance
               

R1- 0.9750

R2 0.9773
 

R3-0.9808
 

Support               
 

S1-0.9680
 

S2-0.9630
 

S3-0.9580