FxWirePro: USD/CHF Trade Idea

• USD/CHF has shown a minor recovery from the low of 0.97096 after better than expected US economic data. US Private jobs added 135k compared 130k for the month of September. US ISM services PMI came at 59.8% compared to 55.3 previous month up 4.5 highest since 2005.It is currently trading around 0.9770.
   
• DXY has shown a minor recovery after hitting low of 93.26 and shown a minor jump from that level. The near term major resistance is around 93.95 and a break above will take the index till 94.60 likely.
   
• The pair has taken support near 10- day MA at 0.9700 and any break below will take the pair to next level till minor weakness can be seen below that level. Short term trend is still bullish as long as support 0.9649 (55- day EMA) holds. Any break below will drag the pair down till 0.9580/0.9565/0.9525. Overall bearish continuation can be seen only below 0.9420. The near term support is around 0.9720.
   
• The near term resistance is around 0.97730 (Aug 8th 2017 high) and any convincing close above will take the pair to next level till 0.9808/0.9845/0.9900.

It is good to buy on dips around 0.9720-25 with SL around 0.9680 for the TP of 0.9900.

Resistance
               

R1- 0.9780

R2 0.9850
 

R3- 0.9900
 

Support               
 

S1- 0.9700
 

S2-0.9645
 

S3-0.9600