FxWirePro: USD/CHF faces strong trend line resistance, good to buy on dips

• USD/CHF has shown a major recovery till 0.98363 on Friday and has shown a minor dip from that level. The minor decline was mainly due to renewed tensions in North Korea and slight increase in safe haven demand has pushed Swiss franc slightly up. It is currently trading around 0.97771.
   
• DXY has shown a minor decline after hitting a high of 94.27 level. The near term major resistance is around 94.45 (50% fibo) and a break above will take the index till 95/95.30 likely.
   
• The pair’s near term support is around 5- day MA at 0.9759 and any break below will take the pair to next level till 0.9720 (10- day MA)/0.9680. Short term trend is still bullish as long as support 0.9645 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 0.9745.
   
• The near term resistance is around 0.9845 (Trend line joining 1.03350 and 1.00998) and any convincing close above will take the pair to next level till 0.9900/0.9950.

It is good to buy on dips around 0.9750-0.9755 with SL around 0.9690 for the TP of 0.9900.