FxWirePro: USD/CHF forms shooting star pattern, good to sell on rallies
Candlestick pattern - Shooting star. USD/CHF has shown a profit booking after hitting high of 0.99770 on Dec 8th 2017. US dollar downside might be limited due to better than expected jobs data. U.S economy has added 2280…
USD/CHF has shown a profit booking after hitting high of 0.99770 on Dec 8th 2017. US dollar downside might be limited due to better than expected jobs data. U.S economy has added 228000 jobs in the month of Nov compared to forecast of 198K and unemployment rate was unchanged at 4.1%. The pair declined till 0.99159 at the time of writing. It is currently trading around 0.99179.
Market awaits US fed monetary policy which is to be held on Wed for direction. SNB policy assessment is on Thursday.
The pair’s near term support is around 0.9900 and any break below will drag the pair till 0.9880 (daily Kijun-Sen)/0.9840 (55- day EMA)/0.9805 (200- day EMA).
On the higher side, 1.000 will be acting as major resistance and any break above will take the pair to next level till 1.00380/1.010.
It is good to sell on rallies around 0.9935-40 with SL around 0.9980 for the TP of 0.9845/0.9810.
