USD/CHF is consolidating in narrow range between 0.96136 and 0.96963 for the past two trading session. The pair has broken major resistance at 0.9700 and jumped till 0.9766. It is currently trading around 0.97063. In the…
USD/CHF is consolidating in narrow range between 0.96136 and 0.96963 for the past two trading session. The pair has broken major resistance at 0.9700 and jumped till 0.9766. It is currently trading around 0.97063.
In the 4 hour chart the pair is trading slightly above Tenkan-Sen and Kijun-Sen. Short term bearish invalidation can be seen only above 0.9808.Any break above 0.9808 high made on May 30th 2017 will take the pair till 0.9835 (38.2% retracement of 1.00998 and 0.96220)/0.9900/0.9925 (50- day MA). The minor resistance is around 0.9700 (200- H MA)/0.97360 (61.8% retracement of 0.9808 and 0.96220).
The pair declined till 0.9620 (100% projection of 1.0342 to 0.9860 from 1.0099. Any daily close below will 0.9617 will drag the pair down till 0.9580/0.95490 (Nov 9th 2016 low).
Overall bearish invalidation only above 1.03435.
It is good to buy on dips around 0.9695-0.9700 with SL 0.9650 for the TP of 0.97800.9810.
