- USD/CHF has shown a small profit booking yesterday after hitting two months high at 0.97862. The pair has declined till 0.97060 and shown a minor jump. The upside in USD/CHF was mainly due strong US dollar index on increasing expectations of FED rate hike and is currently trading around 0.97383.
- DXY has taken support near 55- day EMA and shown a minor jump from level. The near term major resistance is around 93.95 and a break above will take the index till 94.60 likely.
- The pair has taken support near 10- day MA at 0.9700 and any break below will take the pair to next level till minor weakness can be seen below that level. Short term trend is still bullish as long as support 0.9649(55- day EMA) holds. Any break below will drag the pair down till 0.9580/0.9565/0.9525. Overall bearish continuation can be seen only below 0.9420. The near term support is around 0.9700.
- The near term resistance is around 0.97730 (Aug 8th 2017 high) and any convincing close above will take the pair to next level till 0.9808/0.9845/0.9900.
It is good to buy on dips around 0.9720-25 with SL around 0.9680 for the TP of 0.9900.
