FxWirePro: USD/CHF trades higher above 50 –day MA, good to buy on dips

• USD/CHF has shown a good jump till 0.98698 after forming a temporary bottom at 0.97780. The pair has recovered slightly after better than expected US GDP data.
   
• The second estimate of third quarter GDP expanded at 3.3% seasonally inflation adjusted annual rate. It is the best level in 3 years. Fed Chair Jannet Yellen in the Congress testimony said upbeat comments on economy and boosted US dollar.
   
• On the lower side, near term support is around 0.97730 (support turned into resistance) and any break below will drag the pair to lower level till 0.9745/0.9705. The pair should break below 0.9705 for further weakness.
   
• The near term resistance is around 0.9864 (34- day EMA) and any convincing close above will take the pair to next level till 0.9900/0.9945/1.000. It should break above 0.9950 for further jump till 1.00380. Major trend reversal only above 1.00380.

It is good to buy on dips around 0.9850 with SL around 0.9800 for the TP of 0.9945/1.000.

Resistance
 

R1-0.9900
 

R2 0.9945
 

R3- 1.000
 

Support               
 

S1- 0.9830
 

S2- 0.9770
 

S3-0.9705