FxWirePro: USD/CHF trade Idea

• USD/CHF has shown a minor decline from the high of 0.96579 after SNB has commented that significant overvaluation of CHF has been reduced. The pair hits intraday low of 0.96182 and jumped sharply from that level. It has broken yesterday high of 0.96605 and is currently trading around 0.96744.
   
• SNB has kept its interest rates unchanged and mentioned Franc nevertheless remains highly valued. The Swiss franc has weakened against EUR and appreciated against USD. The central bank will remain actively intervene in the market.            
     
• The pair hits the high of 0.96886 and shown minor dip. Short term trend is still bullish as long as support 0.9580 holds. Any break below will drag the pair down till 0.9525/0.9480/0.9420. Overall bearish continuation can be seen only below 0.9420.The minor support is around 0.9618 (233- 4H MA).
   
• The near term resistance is around 0.9700 and any violation above will take the pair to next level till 0.97730.

It is good to buy on dips around 0.9645-0.9650 with SL around 0.9575 for the TP of 0.97730

Resistance
               

R1- 0.9700

R2 0.97730
 

R3-0.9808
 

Support               
 

S1-0.9580
 

S2-0.9525
 

S3-0.9480