FxWirePro: USD/CHF trades in narrow range ahead of Jackson Hole event, good to buy on dips
Swiss franc has once again declined after hitting high of 0.95865. The pair jumped till 0.96748 at the time of writing. Intraday bias is neutral as long as support 0.9580 holds. The pair is currently trading around 0.967…
Swiss franc has once again declined after hitting high of 0.95865. The pair jumped till 0.96748 at the time of writing. Intraday bias is neutral as long as support 0.9580 holds. The pair is currently trading around 0.96762.
Market awaits Fed Jackson hole event which is to be started on Thursday. Key financial officials of major economies would be speaking. ECB President Draghi and Fed Chair Jannet Yellen on Thursday and Friday respectively.
The pair is facing near term support at 0.95800 and any close below will drag the pair till 0.9550/0.9500/0.94370. The whole decline from 1.03420 got completed at 0.94370 and any break below this level confirms further weakness, a dip till 0.92600 likely.
On the higher side, upside capped at 0.9783 (38.2% retracement of 1.03432 and 0.94385) and any break above will take the pair till 0.9845/0.9900. The minor resistance is around 0.9700/0.9755.
It is good to buy on dips around 0.9645-0.9650 with SL around 0.9580 for the TP of 0.9770/0.9845.
