FxWirePro: USD/CHF breaks trend line resistance, jump till 0.9978 likely
USD/CHF recovered almost 70 pips from the low of 0.98284. The pair is consolidating below 78.6% retracement at 0.99786. The pair was trading flat after mixed economic data from US. Headline US durable goods order rose 1.…
USD/CHF recovered almost 70 pips from the low of 0.98284. The pair is consolidating below 78.6% retracement at 0.99786. The pair was trading flat after mixed economic data from US. Headline US durable goods order rose 1.3% in Nov below forecast of 2.2%. US Personal income came at 0.3% compared to expectations of 0.4% and spending rose to 0.6% compared to forecast of 0.5%. The pair hits high of 0.99115 yesterday and is currently trading around 0.99090.
On the higher side, near term resistance is around 0.99345 (Dec 15th 2017 high) 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 buy on dips around 0.9885-90 with SL around 0.9830 for the TP of 0.9975/1.000.
