FxWirePro: USD/CHF Trade Idea

• Major resistance – 1.0060
   
• USDCHF has formed almost a double top at 1.00560 and started to consolidate within narrow range. Any convincing break below 1.000 confirms minor weakness and a dip till 0.9900 is possible.
   
• The pair’s further bullish continuation can be seen only above 1.0060 level. Any break above 1.0060 will take the pair to next level till 1.010/1.0170 level. The safe haven such as yen and Swiss franc has recovered sharply on account of profit booking.
   
• Today also the pair jumped till 1.00398 and started to decline from that level. So intraday trend is still and any convincing break below 1.000 confirms extreme bearishness.

It is good to sell below 1.000 with SL around 1.0060 for the TP of 0.9905.

Resistance

R1- 1.0060
 

R2 –1.010
 

R3- 1.017

Support               
 

S1- 0.9980
 

S2-0.9900
 

S3- 0.9800