FxWirePro: USD/CHF trade Idea

• USDCHF is declining sharply for the past two weeks and hits 3 -1/2 week low. The main reason for jump in Swiss Franc is risk –off mood boosts safe haven demand. The Trump’s warning regarding impose of import tariff on foreign vehicles and renewed trade war between US and China are increasing geo political concerns. The pair almost formed almost a double top at 1.00560 and shown a more than 150 pips dip from that level. Any convincing break below 0.9900 confirms minor weakness and a dip till 0.9800 is possible.
   
• The pair’s further bullish continuation can be seen only above 1.0060 level. Any break above 1.0060 will take the pair to next level till 1.010/1.0170 level. The minor resistance is around 0.99750.
   
• In this week the pair jumped till 1.0015 and started to decline from that level. So short term trend is still weak and any convincing close below 0.9000 confirms minor bearishness.

It is good to sell on rallies around 0.9925-30 with SL around 0.9980 for the TP of 0.9805.

Resistance

R1- 0.9975
 

R2 –1.000
 

R3- 1.0060

Support               
 

S1- 0.9900
 

S2-0.9860
 

S3- 0.9800