FxWirePro: USD/CHF trades higher on dovish SNB, good to buy on dips
USD/CHF has shown huge jump almost 65 pips after dovish SNB statement. SNB has kept its deposit rates unchanged at -0.75% and target range for three month Libor stayed at between -1.25% and -0.25%. SNB’S Jordan said that…
USD/CHF has shown huge jump almost 65 pips after dovish SNB statement. SNB has kept its deposit rates unchanged at -0.75% and target range for three month Libor stayed at between -1.25% and -0.25%. SNB’S Jordan said that CHF still overvalued and upgraded its inflation target to 0.7% from 0.4%. The pair hits high of 0.99045 and is currently trading around 0.9884.
On the higher side, near term resistance is around 0.99273(61.8 % fibo) and any break above will take the pair to next level till 0.9945/0.9977 (Dec 8th 2017 high). It should break above 1.0040 for short term bullishness.
The near term support is around 0.9845 (55 day EMA) and any violation below that level will drag the pair to next level till 0.9800/0.9770/0.9735.
It is good to buy on dips around 0.9845-0.9850 with SL around 0.9800 for the TP of 0.9945/0.9975.
