FxWirePro: USD/CHF Trade Idea

• USD/CHF has declined till 0.9706 at the time of writing after slightly dovish Fed minutes meeting and also due to geopolitical tension in North Korea which has increased safe haven demand.
   
• Swiss unemployment data is also one the reasons for slight jump in Swiss franc. Switzerland seasonally adjusted unemployment rate drop to 3.1% compared to forecast of 3.2%.
   
• The pair has shown a false break out above 0.9800 and has started to decline from that level. It should close above 0.98000 for further bullish continuation. Minor jump above 0.98368 high made on Oct 6th 2017 will take the pair to next level till 0.9900 and is currently trading around 0.97473.
   
• On the lower side, 0.9700 (20- day MA) will be acting as major support and any break below will drag the pair to next level till 0.9640 (Sep 25th 2017 low)/0.9580.
   
• The near term resistance is around 0.9770 (support turned into resistance) and any break above will take the pair to next level till 0.9808/0.9845.

It is good to buy on dips around 0.9725-30 with SL around 0.9680 for the TP of 0.9770/0.9808.

Resistance
               

R1- 0.97730
 

R2 0.9845
 

R3- 0.9900
 

Support               
 

S1- 0.9700
 

S2-0.9640
 

S3-0.9580