FxWirePro: USD/CHF trades higher on easing geo political tensions, good to buy on dips
USD/CHF is continuing its fifth week of bullishness and jumped more than 50 pips in this week. It has broken previous week high of high of 0.9200 and jumped till 0.99397 fresh 4- month high. The Swiss franc was trading w…
USD/CHF is continuing its fifth week of bullishness and jumped more than 50 pips in this week. It has broken previous week high of high of 0.9200 and jumped till 0.99397 fresh 4- month high. The Swiss franc was trading weak against all pairs on account of dovish SNB chairman Thomas Jordan comment and easing geo political tensions in Korea and Middle East. It is currently trading around 0.99339.
US PCE data came at 1.9% yoy in Mar from 1.6% in the prior month Market awaits US FOMC statement which is to be released on Wed and US ISM manufacturing data today for further direction. The near term resistance is around 0.9950 and any convincing break above will take the pair to next level till 0.9975/1/1.0030.
On the lower side near term support is around 0.9850 and any break below that level targets 0.9800/0.9750/0.9695 (200- day MA).The pair should break below 0.9420 for further weakness.
It is good to buy on dips around 0.9850-60 with SL around 0.9800 for the TP of 0.9975/1.
