FxWirePro: USD/CHF trades weak on increasing geo political tensions, good to buy on dips
USD/CHF has formed almost a double top around 1.000 level and started to decline from that level. The trade war between US and Mjaor economies especially with China is supporting CHF price. The increase in geo political …
USD/CHF has formed almost a double top around 1.000 level and started to decline from that level. The trade war between US and Mjaor economies especially with China is supporting CHF price. The increase in geo political tensions has rised demad for sawfe haven like Swiss franc.It hits high of 0.99925 in previous week and is closed around 0.9904. Swiss central bank is expected to keep interest rates for longer period and mentioned in previous meeting that it is closely watching political uncertainty in Italy and Oil.
On the higher side, 1.000 will be acting as near major resistance and any break above will take the pair to next level till 1.0060 high made on May 10th 2018. Any bullish continuation will take the pair to next level till 1.010/1.0180.
The near term major support stands at 0.9900 and any break below targets 0.9855 (55- day EMA)/0.9800.
It is good to buy on dips around 0.9900-05 with SL around 0.9850 for the TP of 1.0060.
