FxWirePro: USD/CHF consolidates around 1.0250, good to buy on dips
The USD/CHF rebounded from 1.0200 levels to hit high at 1.0241 levels, after the release US GDP data which came in line with the expectations at 0.7%. However, dollar gained strength on the day broadly due to unexpected …
The USD/CHF rebounded from 1.0200 levels to hit high at 1.0241 levels, after the release US GDP data which came in line with the expectations at 0.7%. However, dollar gained strength on the day broadly due to unexpected negative interest rate decision by Bank of Japan.
The short term outlook for the pair remains bullish, as the pair is supported by rising trend line in 4 hour chart, the relative index is pointing upwards at 61, the 55, 30 and 20 MA's is indicating upward momentum . Overall the technical indicators are depicting upside for this pair.
To the upside, the strong resistance can be seen at 1.0272, a break above this level would take the pair towards next resistance level at 1.0300.
To the downside strong support can be seen 1.0219, a break below this level will take the pair to next level at 1.0188.
Recommendation: Go long around 1.0220, targets 1.0280, 1.0350, SL 1.0000
