FxWirePro: USD/CHF forms Bullish pattern, good to buy on dips
Pattern Formed – Bullish AB=CD Pattern. USD/CHF has shown a steep correction after Donald Trump complained about U.S dollar strength .US president in an interview with Wall Street that US dollar is too strong and it will…
USD/CHF has shown a steep correction after Donald Trump complained about U.S dollar strength .US president in an interview with Wall Street that US dollar is too strong and it will hurt ultimately the economy.
US Dollar index reaches low of 100.01 but pschycological level 100 looks very hard to break. Any break below 100 confirms further bearish continuation.
U.S 10 year yield has once again broken 2.30% and any daily close below will target 2.13%/2.03 (200-day MA).
Technically the pair is facing strong minor support at 1.000 and any break below targets 0.9960/0.9939 (200- day MA).
On the higher side, any break above 1.0060 will take the pair till 1.01078 (Apr 10th 2017 high)/1.0170 (Mar 7th 017 high).
It is good to buy on dips around 1.0040-425 with SL around 1.000 for the TP of 1.0120/1.0165.
