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FxWirePro: Buy USD/CHF above 0.9770

  • USD/CHF has once again declined sharply after hitting high of 0.97598. USD/CHF hits low of 0.96950 at the time of writing. The upside in USD/CHF has been capped by geo political tensions and is currently trading around 0.97088.
     
  • Major economic data to be released today afternoon is Swiss KOF economic barometer.
     
  • Short term trend is still bullish as long as support 0.9640 (55- day EMA) holds. Any break below will drag the pair down till 0.9580/0.9565/0.9525. Overall bearish continuation can be seen only below 0.9420.
     
  • The near term resistance is around 0.97730 (Aug 8th 2017 high) and any convincing break above will take the pair to next level till 0.9808/0.9845/0.9900.

It is good to buy above 0.9770 with SL around 0.9730 for the TP of 0.945/0.9900.

 

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