FxWirePro: USD/CHF hits 4- month high, good to buy on dips
USD/CHF was trading higher and jumped more than 100 pips in this week. It hits high of 0.98485 highest since Jan 2018 and closed above major trend line resistance for past four trading days. The Swiss franc was trading w…
USD/CHF was trading higher and jumped more than 100 pips in this week. It hits high of 0.98485 highest since Jan 2018 and closed above major trend line resistance for past four trading days. The Swiss franc was trading weak against all pairs as risk appetite increases and demand for safe haven assets such as yen and gold has been reduced. It is currently trading around 0.98368.
US 10- year bond yield hits 3.04% yesterday highest level since Jan 10th 2014 on account of positive US economic data and rising inflation. Market awaits US durable goods and initial jobless data to be released today for further direction. The near term resistance is around 0.9850 and any convincing break above will take the pair to next level till 0.9900/0.9950.
On the lower side near term support is around 0.9780 and any break below that level targets 0.9730/0.9680/0.9580/0.9520.The pair should break below 0.9420 for further weakness.
It is good to buy on dips around 0.9815-20 with SL around 0.9780 for the TP of 0.9900.
