FxWirePro: USD/CHF trades flat, good to go long above 1.0040
USD/CHF is consolidating in narrow range between 0.99477 and 1.00378 for the past ten trading session. The pair declined slightly after US Senate Republicans are considering to delay corporate tax cut by a year. But it s…
USD/CHF is consolidating in narrow range between 0.99477 and 1.00378 for the past ten trading session. The pair declined slightly after US Senate Republicans are considering to delay corporate tax cut by a year. But it should break above 1.0040 for further bullishness. It is currently trading around 0.99947.
Technically, near term support stands at 0.9938 (Oct 30th low) and any break below will drag the pair to next level till 0.9910 (100- 4H MA)/0.9860. Short term trend is still bullish as long as support 0.9705 holds.
The major resistance is around 1.0040 and any break above will take the pair to next level till 1.0100/1.0174. Short term trend reversal can be seen below 0.9705. Overall weakness only below 0.9420.
It is good to buy above 1.0040 with SL around 0.9970 for the TP of 1.0170.
