FxWirePro: USD/CHF Trade Idea

• USD/CHF has once again shown a good recovery after a false break out below 0.94274 Aug 29th low. The pair jumped above 0.9500 and is currently trading around 0.94935.
   
• The decline from 1.0340 will come to an end only if it breaks above 0.97730 level. The near term resistance is around 0.95160 (23.6% fibo) and minor bullishness can be seen only above that level.
   
• Market awaits SNB monetary policy meeting on Sep 14th 2017 for further direction. SNB is expected to keep its interest rates unchanged on account rising geo political tensions and low inflation.
   
• Any break above 0.95160 will take the pair to next level till 0.9550 (55- 4H EMA)/0.9582 (Cloud top)/0.9630. Short term bullishness only above 0.9680.

It is good to buy on dips around 0.9500 with SL around 0.9450 for the TP of 0.9630/0.9675

Resistance
               

R1- 0.95160

 

R2 0.9580
 

R3- 0.9630
 

Support               
 

S1-0.9480
 

S2-0.9420
 

S3-0.93450