FxWirePro: USD/CHF trades weak on increasing geo political tensions, good to buy on dips
USD/CHF is consolidating in narrow range between 0.99925 and 0.98940 for the past one week. has formed almost a double top near 1.000 level and started to decline from that level. The trade war between US and major econo…
USD/CHF is consolidating in narrow range between 0.99925 and 0.98940 for the past one week. has formed almost a double top near 1.000 level and started to decline from that level. The trade war between US and major economies especially with China is supporting CHF price. The increase in geo political tensions has rised demand for safe haven like Swiss franc.It hits high of 0.99625 in this week and is currently trading around 0.9930.
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 minor resistance is around 0.9945 and any break above will take the pair to next level till0.9965/1.000.
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.
