- Swiss Franc was major mover previous and it has tumbled sharply as safe haven funds flowed out in accelerated pace. Franc declined almost 2.5- 3% against all majors. The current slide in Swiss franc was mainly due to policy divergence between ECB and SNB.
- The Pair’s major trend line resistance is around 0.97000 and any daily close above will confirm bullish continuation. Any close above will take the pair till 0.9808 (May 30th high)/0.9940 (200- day MA) is possible.
- On the lower side, any further bearish continuation happens only below 0.9437 level and break below will drag the pair down till 0.92835 (161.8% retracement of 0.94385 and 0.97210).The minor support is around 0.9650/0.9598 (21- day EMA).
It is good to buy on dips 0.9660-0.9665 with SL around 0.9598 for the TP of 0.9808/0.9900
