FxWirePro: USD/CHF closes below 89- W EMA, target 0.9620
USD/CHF shown a huge decline in the previous week and hits 8- week low after breaking major support of 0.98120 low formed on Mar 27th 2017. The pair hits 0.97244 on Friday and is currently trading around 0.97480. The clo…
USD/CHF shown a huge decline in the previous week and hits 8- week low after breaking major support of 0.98120 low formed on Mar 27th 2017. The pair hits 0.97244 on Friday and is currently trading around 0.97480.
The close below 0.98120 and 89- W EMA (0.9850) confirms that jump from 0.95493 comes to an end at 1.03400 and a dips till 0.9617 (100% projection from 1.03420 to 0.9860 from 1.0099) is possible. The near term major support is around 0.9705 (50% retracement of 0.90719 and 1.03436) /0.9640.
On the higher side near term resistance is around 0.9850 (89 W EMA) and any break above will take the pair till 0.9900/0.9960 (200- day MA).The pair is neutral phase for the long term and it should break above 1.03435 for further bullishness.
It is good to sell on rallies around 0.9825-0.9830 with SL around 0.9900 for the TP of 0.9710/0.9620.
