FxWirePro: USD/CHF trades higher, good to buy on dips
USD/CHF was consolidating after hitting 4- month high. The Swiss franc was trading weak against all pairs as geo political tensions in Middle East and Korea is easing. So deamd for risky assets are increasing compared to…
USD/CHF was consolidating after hitting 4- month high. The Swiss franc was trading weak against all pairs as geo political tensions in Middle East and Korea is easing. So deamd for risky assets are increasing compared to safe haven assets. It hits high 0.9712 and is currently trading around 0.96833.
The Federal Reserve latest beige book survey shows that outlook of USD economy is positive and trade war with China is a cause of concern. The near term resistance is around 0.9700 and any convincing break above will take the pair to next level till 0.9745/0.9780.
On the lower side near term support is around 0.9650 and any break below that level targets 0.9620/0.9580/0.9520.The pair should break below 0.9420 for further weakness.
It is good to buy on dips around 0.9645 with SL around 0.9600 for the TP of 0.9700/0.9745.
