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FxWirePro: USD/CHF trades slightly above 10- day MA, good to buy on dips

  • USD/CHF continuing its third day of winning streak after forming a double bottom around 0.96900. The pair makes the low of 0.96938 and is currently trading around 0.97949.
     
  • The pair broken minor resistance around 0.9758 (10- day MA) and closed slightly well above that level. It confirms minor bullishness, a jump till 0.9847 (21 EMA)/0.98960 (50% retracement of 1.00998 and 0.96918).
     
  • The pair has formed major top around 1.03435 and declined sharply from that level. The pair is facing strong support at 0.9690 and any further bearish continuation can be seen only if it closes below that level. The near term major support is around 0.96788 and break below targets 0.96170.
     
  • On the higher side near term resistance is around 0.9847 and any break above will take the pair till 0.9900/0.9956 (89- EMA).The pair is neutral phase for the long term and it should break above 1.03435 for further bullishness.

It is good to buy above 0.9720 with SL around 0.9680 for the TP of 0.9815/0.9860.

 

 

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