FxWirePro: USD/CHF hits five- year high on talk SNB will follow ECB, good to buy at dips

USD/CHF has made a five year high on talk SNB will follow ECB. The pair made a high of 1.03280 and slightly declined from that level. It is currently trading at 1.02918.

• SNB President told Swiss news paper that "Our monetary policy is clear". "It is based on two pillars : the negative interest rates and willingness to intervene in the currency market if necessary.
   
• The pair has broken major resistance 1.0260 and jumped till 1.03280 level.
   
•  Intraday support is around 1.02600 (resistance turned in to support) and break below will drag the pair till 1.0200/1.0140.
   
• Overall bullish invalidation only below 1.0140.
   
• Major resistance is around 1.03280 and break above targets 1.03500/1.0400.

It is good to buy at dips around 1.0260 with SL around 1.0200 for the TP of 1.03280/1.0350