FxWirePro: USD/CHF downside capped by 20 –day MA, good to buy on dips
USD/CHF has declined almost 80 pips from yesterday high of 0.94090. The pair formed a double top around 0.94090 and any break above confirms minor bullishness. The pair hits low of 0.93250 and is currently trading around…
USD/CHF has declined almost 80 pips from yesterday high of 0.94090. The pair formed a double top around 0.94090 and any break above confirms minor bullishness. The pair hits low of 0.93250 and is currently trading around 0.93575.
With no major data in US economic calendar market eyes US FED Dudley speech today for minor movement.
Technically, in the daily chart the pair has shown a minor decline below 20- day MA at 0.9335 and jumped slightly from that level. The pair should break above 0.9410 for further jump till 0.94700 .It should move above 0.9470 for further bullishness.
On the lower side, near term support is around 0.9335 and any close below will drag the pair down till 0.9300/0.9280/0.9240. Any break below 0.91817 confirms bearish continuation, a dip till 0.9060 likely.
It is good to buy on dips around 0.9340-45 with SL around 0.9300 for the TP of 0.94700.
