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Major support – 0.9790
Pattern formed - Falling Wedge
USD/CHF has once shown a good recovery from low of 0.97899. It hits high of 0.99205 and shown a minor dip. The Swiss franc was trading higher for past one week on account of global stock market turmoil which increased demand for safe haven assets like yen ,goldand Swiss Franc . But broad based US dollar buying after New year is putting pressure on Swiss franc. It is currently trading around 0.98703.
The near term support is around 0.97900 and any break below will drag the pair to next level till 0.9735/0.96800//0.96500.
The minor trend reversal will happen only above 0.9925 (falling wedge break out resistance) and any close above will take the pair till 0.9965/1.0010. The pair should break above 1.0010 for further jump till 1.00680/1.0125.
It is good to buy on dips 0.9840-45 with SL around 0.9790 for the TP of 0.9965/1.0010.
Resistance
R1- 0.9925
R2 - 0.9965
R3- 1.0010
Support
S1- 0.9790
S2- 0.9735
S3- 0.9680
