FxWirePro: USD/CHF Trade Idea

• USD/CHF has shown a dip once again after hitting high of 1.00375 yesterday. The pair dipped till 0.99852 at the time of writing and is currently trading around 0.99965.
   
• Swiss state Secretariat for Economic Affairs (SECO) consumer climate index came at -2 compared to forecast of 0 and retail sales Y-O-Y came at -0.3% compared to forecast of 0.4%.
   
• Major economic data in US session to be released are US Initial jobless claims. Short term trend is still positive as long as 7- day MA at 0.9930 holds.
   
• Technically, near term support stands at 0.9930 (7- day MA) and any break below will drag the pair to next level till 0.9900/0.9860 (233- H MA). Short term trend is still bullish as long as support 0.9930 holds.
   
• The major resistance is around 1.000 and any break above will take the pair to next level till 1.0040/1.0100. Short term trend reversal can be seen below 0.9705. Overall weakness only below 0.9420.

It is good to buy on dips around 0.9995 with SL around 0.9950 for the TP of 1.0100/1.0170.

Resistance
               

R1- 1.0040
 

R2 1.0100
 

R3- 1.0174
 

Support               
 

S1- 0.9930
 

S2-0.9865
 

S3-0.9800