FxWirePro: USD/CHF faces strong resistance around 0.9500, good to sell on rallies
USD/CHF has shown a major decline after hitting high of 0.94900 and is trading below 200- H MA. The pair formed almost triple bottom at 0.9320 and any bearish continuation can be seen below that level. level. The pair hi…
USD/CHF has shown a major decline after hitting high of 0.94900 and is trading below 200- H MA. The pair formed almost triple bottom at 0.9320 and any bearish continuation can be seen below that level. level. The pair hits intraday low of 0.93640 and is currently trading around 0.93745.
US ISM manufacturing data rose to 60.8 in Feb up from 59.1 reading recorded the month before and also above expectations of 58.1.
Technically, in the daily chart the pair has broken 200- H MA at 0.9380 and declined till 0.93640. It should move below 0.9320 for further weakness till 0.9250/0.9200.
On the lower side, near term resistance is around 0.9385 and any break above will take the pair to next level till 0.9410/0.9470. The major resistance is around 0.9500.
It is good to sell on rallies around 0.9400-9405 with SL around 0.9455 for the TP of 0.9325/0.9240.
