FxWirePro: USD/CHF trades well above 1.000, good to buy on dips
USD/CHF formed a minor bottom around 0.98552 and jumped sharply from that level yesterday. The pair has broken major psychological resistance at 1.100 and closed well above that level. The decline from 1.0170 has come to…
USD/CHF formed a minor bottom around 0.98552 and jumped sharply from that level yesterday. The pair has broken major psychological resistance at 1.100 and closed well above that level.
The decline from 1.0170 has come to end as the pair trades above 1.0107 and a further jump till 1.0255/1.03435 is possible. Any break above 1.03420 is needed to confirm underlying bullish momentum.
On the lower side, major support is around 1.00340 (23.6% retracement of 0.9855 and 1.00904) and any break below will drag the pair till 1.000/0.9950.
Short term bullish invalidation only below 0.9855.
It is good to buy on dips around 1.0035 with SL around 0.9990 for the TP of 1.010/1.0170.
