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FxWirePro: USD/CHF trades weak, break below 0.9700 confirms further weakness

  • USD/CHF declined almost 150 pips from the high of 0.98455 made Jan 10th 2018. The slight decline in the pair was due to slightly weak US data. The pair dipped till 0.97011 and is currently trading around 0.97098.
     
  • Intraday trend is on the downside as long as resistance 0.9780 holds. US PPI data came slightly weaker than expected. It has declined for the first time since Aug 2016. The PPI for final demand slipped 0.1% last month compared to 0.4% increase for the past two months.
     
  • On the higher side, near term resistance is around 0.9780 and any break above will take the pair to next level till 0.9845/0.9870. It should break above 1.0040 for short term bullishness.
     
  • The near term support is around 0.9700 (Jan 2nd 2018 low) and any close below that level will drag the pair to next level till 0.96400/0.9565.

It is good to sell on rallies around 0.9735-40 with SL around 0.9780 for the TP of 0.9640/0.9600.

 

 

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