FxWirePro: USD/CHF forms hammer in daily chart, jump till 0.9770 likely

• USD/CHF has shown a major recovery from the bottom of 0.94290 on Aug 29th 2017 level.  The pair has formed hammer candle stick pattern in the daily chart on Aug 29th 2017 and closed well above the high of 0.95697 (Aug 29th high) yesterday. This confirms minor bullishness and a jump till 0.9700/0.97700 is likely.
   
• The jump in USD is mainly due to better than expected US economic data. US economy has added 327k private sector jobs in Aug compared to forecast of 185K. The pair jumped sharply from the low of 0.95723 made before data release till 0.9645. The near term resistance is around 0.9645 (61.8% retracement of 0.97730 and 0.94285).
   
• On the lower side, 0.9570 will be acting as major intraday support and any break below will drag the pair down till 0.9530/0.9500. Overall bearish continuation only below 0.94285.

It is good to buy on dips around 0.96250-0.96300 with SL around 0.9570 for the TP of 0.9700/0.9770.