FxWirePro: USD/CHF Trade Idea

• Near term trend - down
   
• USD/CHF has broken major support at 0.95237 after two days of consolidation and declined till 0.94938 yesterday. It is currently trading around 0.95014.
   
• Any break below the low formed on Jun 23rd 2016 (0.95213) confirms minor weakness and a dip till 0.9440 is likely. Overall bullish invalidation only below 0.9440. Any violation below 0.9440 will drag the pair further down till 0.9260.
   
• On the higher side, the pair is facing major resistance around 0.9622 (10- day MA). Any break above will take the pair to next level till 0.96830. Minor trend reversal only above 0.9700. Short term bullishness above 0.9808. The near term resistance is around 0.9550.

It is good to sell on rallies around 0.9525-0.9530 with SL around 0.9580 for the TP of 0.9440.

 

Resistance
                   

R1-0.9550
                               

R2 -0.9625
 

R3- 0.9700
 

Support   
 

S1-0.9500
 

S2-0.9440

 

S3-0.9260