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FxWirePro: USD/CHF trades weak, good to sell on rallies

  • USD/CHF declined almost 180 pips in previous week from the high of 0.98455 made Jan 10th 2018. The major decline was mainly due to good selling in US dollar index. The pair dipped till 0.96527and is currently trading around 0.96550.
     
  • Intraday trend is on the downside as long as resistance 0.9720 holds. US CPI posted a biggest gain in 11 months. CPI rose 0.3% last month compared to forecast of 0.2%. US retail sales m/m came at slightly lesser than expected. It came at 0.4% compared to forecast of 0.5%.
     
  • On the higher side, near term resistance is around 0.9720 (200- day EMA) and any break above will take the pair to next level till 0.9745/0.9780. It should break above 0.9845 for short term bullishness.
     
  • The near term support is around 0.96500 and any close below that level will drag the pair to next level till 0.9600/0.9565 (233- week MA).

It is good to sell on rallies around 0.9675-0.9680 with SL around 0.9725 for the TP of 0.9600/0.9565.

 

 

 

 

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