FxWirePro: USD/CHF trade Idea

• USD/CHF was trading higher and jumped more than 70 pips. It hits fresh 3- month high at 0.97414.  The Swiss franc was trading weak against all pairs as SNB Chairman Jordan said in interview that the depreciation of Swiss Franc is in right direction and there’s no need to change monetary policy at this moment. The easing geo political tensions in Middle East and Korea also supporting prices. It is currently trading around 0.97370.
   
• US 10 year bond yield breaks 2.9% on positive economic data. US initial jobless claim fell 1000 to 232K (est 230k) lowest level in 3- weeks. The Philadelphia Fed Index came in at 23.2 for Mar compared to forecast of 20.5. The near term resistance is around 0.9780 and any convincing break above will take the pair to next level till 0.9845/0.9900.
   
• On the lower side near term support is around 0.9650 and any break below that level targets 0.9620/0.9580/0.9520.The pair should break below 0.9420 for further weakness.            

It is good to buy on dips around 0.9700 with SL around 0.9650 for the TP of 0.9780/0.9845.

 Resistance

R1-0.9780
 

R2 –0.9845
 

R3- 0.9900

Support               
 

S1-0.9650
 

S2-0.9580
 

S3- 0.9520