FxWirePro: USD/CHF consolidates in narrow range, good to buy on dips
USD/CHF is consolidating in narrow range after forming a temporary bottom at 0.95730. The pair jumped almost 90 pips from the low. It has recovered till 0.96667 and is currently trading around 0.96376. US industrial prod…
USD/CHF is consolidating in narrow range after forming a temporary bottom at 0.95730. The pair jumped almost 90 pips from the low. It has recovered till 0.96667 and is currently trading around 0.96376.
US industrial production came at 0.9% in Dec compared to forecast of 0.4% increase.
Intraday trend of the pair is neutral and it should break above 0.9670 for further jump. The near term resistance is around 0.9705 and any break above will take the pair to next level till 0.9737 (233- H MA)/0.9775 (50% Fibo). Short term bullishness will be above 0.9845.
On the lower side, major support is around 0.95700 and any break below targets 0.9550/0.9500. Overall bullish invalidation only below 0.9420.
It is good to buy on dips around 0.9615-20 with SL around 0.9570 for the TP of 0.9705/0.9740.
