FxWirePro: USD/CHF trades well above 233- day MA, jump till 1.000 likely
USD/CHF has shown a minor jump after breaking convincingly 233- day MA and has broken high of 0.98812 and major resistance 0.9865 and closed slightly below that level. But the pair is still trading above trend line resis…
USD/CHF has shown a minor jump after breaking convincingly 233- day MA and has broken high of 0.98812 and major resistance 0.9865 and closed slightly below that level. But the pair is still trading above trend line resistance. Short term trend is still bullish as long as support 0.9705 holds. The intraday weakness can be seen below 0.9880 level. It is currently trading around 0.9905. The main reason for dip in Swiss franc was mainly due to easing geo political tensions in North Korea which has reduced demand for safe haven assets.
On the lower side, near term support is around 0.9880 (hourly Kijun-Sen) and any break below will drag the pair to next level till 0.980.9730/0.9705/0.9680. Short term bearish continuation only below 0.9640. Overall long term support is around 0.9420.
The near term resistance is around 0.9865 and any convincing break above will take the pair to next level till 0.9900/0.9950.
It is good to buy on dips around 0.9880 with SL around 0.9840 for the TP of 0.9990.
