USD/CHF has shown a minor decline after hitting high of 0.99397 yesterday. The pair hits low of 0.9865 and is currently trading around 0.98795. The slight jump in Swiss Franc was mainly due to slight improvement in Swiss…
USD/CHF has shown a minor decline after hitting high of 0.99397 yesterday. The pair hits low of 0.9865 and is currently trading around 0.98795. The slight jump in Swiss Franc was mainly due to slight improvement in Swiss ZEW economic expectations. Swiss ZEW economic expectations rose to level of 32 in Oct compared to previous month level of 28.
Short term trend is still bullish as long as support 0.9770 holds. The intraday weakness can be seen below 0.9860 (233- day MA) level. It is currently trading around 0.98795.
On the lower side, near term support is around 0.9860 (233- day MA) and any break below will drag the pair to next level till 0.9815 (23.6% retracement of 0.9420 and 0.99397)/0.9705/0.9680. Short term bearish continuation only below 0.9640. Overall long term support is around 0.9420.
The near term resistance is around 0.9940 and any convincing break above will take the pair to next level till 0.9985/1.003.
It is good to buy on dips around 0.9860 with SL around 0.9815 for the TP of 0.9990.
