FxWirePro: USD/CHF trades lower on safe haven demand, good to sell on rallies
Swiss franc gaining momentum against all major pairs after increasing geo political tension between North Korea and U.S. The rising war of words between North Korea and Washington increased demand for safe haven assets. …
Swiss franc gaining momentum against all major pairs after increasing geo political tension between North Korea and U.S. The rising war of words between North Korea and Washington increased demand for safe haven assets. USD/CHF declined sharply from the high of 0.97730 till 0.9595 and is currently trading around 0.95970.
The pair is facing support near 0.9600 (50% retracement of 0.94385 and 0.97728) and any break below will drag the pair till 0.9550/0.9500 in the short term. The bearish continuation can be seen only below 0.94385.
On the higher side, near term major resistance is around 0.9685 (55- day EMA) and any break above will take the pair till 0.9739 (89- day EMA)/0.9783 (38.2% retracement of 1.03432 and 0.94385).
It is good to sell on rallies around 0.9625-0.9630 with SL around 0.9680 for the TP of 0.9505/0.9455.
