- USD/CHF has declined sharply after hitting high of 0.97697. USD/CHF has declined till 0.96960 and shown good jump from the level. The weakness in Swiss franc was mainly due to new tax plan by Donald Trump. The pair hits intraday high of 0.97586 and is currently trading around 0.97394.
- Short term trend is still bullish as long as support 0.9630 (233-4H MA) 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 minor support is around 0.9590 (20- day MA)/0.9550. The near term support is around 0.96900 (61.8% fibo).
- The near term resistance is around 0.97730 (Aug 8th 2017 high) and any convincing break above will take the pair to next level till 0.9808/0.9845.
It is good to buy on dips around 0.9730 with SL around 0.9680 for the TP of 0.9808/0.9808.
