FxWirePro: USD/CHF Trade Idea

• USD/CHF has declined almost 70 pips from the yesterday high of 0.99170. The pair is consolidating below 78.6% retracement at 0.9975. The pair was trading low due to slight weakness in US dollar index.  US tax bill reform has minor impact on US dollar. It is expected to be passed in mid-day of this week. But no big movement is expected as holiday season going to start next week. The pair hits low of 0.98396 yesterday and is currently trading around 0.983837.
   
• On the higher side, near term resistance is around 0.99220 (trend line joining 0.9977 and 0.99345) and any break above will take the pair to next level till 0.9977 (Dec 8th 2017 high)/1.000. It should break above 1.0040 for short term bullishness.
   
• The near term support is around 0.9835 and any violation below that level will drag the pair to next level till 0.9810 (200 – day EMA)/0.9770/0.9735.

It is good to sell on rallies around 0.9875-0.9880 with SL around 0.9925 for the TP of 0.9810/0.97730.

Resistance
 

R1- 0.9925
 

R2 -0.9970
 

R3-1.0040
 

Support               
 

S1-0.9835
 

S2- 0.97730
 

S3-0.9770