FxWirePro: USD/CHF trades weak, good to sell on rallies
Near term trend - down USD/CHF has broken major support at 0.9550 and declined slightly till 0.95231 yesterday. The shown a minor jump till 0.9560 level. It is currently trading around 0.95419. The low formed on Jun 23rd…
USD/CHF has broken major support at 0.9550 and declined slightly till 0.95231 yesterday. The shown a minor jump till 0.9560 level. It is currently trading around 0.95419.
The low formed on Jun 23rd 2016 will be acting as major support and any break below will drag the pair till 0.9440. Overall bullish invalidation only below 0.9440. Any violation below 0.9440 will drag the pair further down till 0.9260.
On the higher side, the pair is facing minor resistance around 0.9580 (23.6% retracement of 0.97708 and 0.95231). Any break above will take the pair to next level till 0.9630 (10- day MA)/0.96830. Minor trend reversal only above 0.9705.
It is good to sell on rallies around 0.9540-0.9545 with SL around 0.9580 for the TP of 0.9440.
