FxWirePro: USD/CHF breaks 10- day MA, good to sell on rallies
USD/CHF is trading weak for third consecutive days and broken 0.93480 (10- day MA) and declined till 0.93353 at the time of writing. The pair formed a minor top around 0.9470 and further bullishness only above that level…
USD/CHF is trading weak for third consecutive days and broken 0.93480 (10- day MA) and declined till 0.93353 at the time of writing. The pair formed a minor top around 0.9470 and further bullishness only above that level. It is currently trading around 0.93450.
Technically in the daily chart, the pair is trading slightly below 10 –day MA and confirms minor weakness, a decline till 0.9300/0.92550. Bearish continuation can be seen only below 0.9250. The pair hits intraday low of 0.93350 (Hourly cloud bottom) and minor selling below that level is possible.
The near term major resistance is around 0.9400 and any break above 0.9470 /0.9500. Minor bullishness can be seen above 0.9550.
It is good to sell on rallies around 0.9355-60 with SL around 0.9400 for the TP of 0.92550.
