FxWirePro: USD/CHF trades higher above 50 –day MA, good to buy on dips

• USD/CHF has shown a good jump till 0.98698 after forming a temporary bottom at 0.97780. The pair has recovered slightly after better than expected US GDP data.
   
• The second estimate of third quarter GDP expanded at 3.3% seasonally inflation adjusted annual rate. It is the best level in 3 years. Fed Chair Jannet Yellen in the Congress testimony said upbeat comments on economy and boosted US dollar.
   
• On the lower side, near term support is around 0.97730 (support turned into resistance) and any break below will drag the pair to lower level till 0.9745/0.9705. The pair should break below 0.9705 for further weakness.
   
• The near term resistance is around 0.9864 (34- day EMA) and any convincing close above will take the pair to next level till 0.9900/0.9945/1.000. It should break above 0.9950 for further jump till 1.00380. Major trend reversal only above 1.00380.

It is good to buy on dips around 0.9860-65 with SL around 0.9830 for the TP of 0.9945/1.000.