FxWirePro: USD/CHF faces strong resistance at 0.9580, any close above targets 0.9660
USD/CHF is in corrective phase after showing a minor jump above 0.9580 level. The minor profit booking in this pair was mainly due to new trade war worries between US and China. China has imposed 25% trade tariffs for 12…
USD/CHF is in corrective phase after showing a minor jump above 0.9580 level. The minor profit booking in this pair was mainly due to new trade war worries between US and China. China has imposed 25% trade tariffs for 125 products of US including pork and wine. The pair hits low of 0.95235 and shown a minor recovery. The increase in risk appetite has dragged the prices of Swiss franc which is considered as safe haven asset. The pair hits intraday high of 0.95705 and is currently trading around 0.95654.
The near term resistance is around 0.9580 and any convincing break above will take the pair to next level till 0.9600/0.9660.
On the lower side major support is around 0.9520 and any break below 0.9500/0.9450.The pair should break below 0.9420 for further weakness.
It is good to buy on dips around 0.9560 with SL around 0.9520 for the TP of 0.9660/0.9700.
