FxWirePro: USD/CHF takes support near trend line, good to buy on dips
USD/CHF has once again recovered after showing a decline slightly below 0.9600. Market doesn’t give much negative reaction to Syrian airstrikes. The risk appetite has been increased and global stocks has shown a good rec…
USD/CHF has once again recovered after showing a decline slightly below 0.9600. Market doesn’t give much negative reaction to Syrian airstrikes. The risk appetite has been increased and global stocks has shown a good recovery from yesterday’s low. This has reduced demand for safe haven assets. It is currently trading around 0.96298.
US retail sales has shown a good jump in Mar after three straight monthly decline. The boost was mainly due to purchases of motor vehicle and other big ticket items. It rose 0.6% for the month of Mar compared to forecast of 0.4%. The near term resistance is around 0.9660 and any convincing break above will take the pair to next level till 0.9700/0.9725/0.9745.
On the lower side near term support is around 0.9580 and any break below that level targets 0.9520/0.9480/0.9420.The pair should break below 0.9420 for further weakness.
It is good to buy on dips around 0.9600 with SL around 0.9570 for the TP of 0.9660/0.9700.
