FxWirePro: USD/CHF trades well above major trend line resistance, good to buy on dips
USD/CHF was trading higher and jumped more than 150 pips in previous week. It hits high of 0.99154 highest since Dec 25th 2017 and closed slightly near to major trend line resistance. The Swiss franc was trading weak aga…
USD/CHF was trading higher and jumped more than 150 pips in previous week. It hits high of 0.99154 highest since Dec 25th 2017 and closed slightly near to major trend line resistance. The Swiss franc was trading weak against all pairs as SNB Chairman Thomas Jordan has warned that tightening of monetary policy would affect the process to keep Swiss Franc relatively low for supporting exports. It is currently trading around 0.98910.
US advance GDP came slightly above estimate. It came at 2.3% compared to forecast of 2%. Market awaits US FOMC statement which is to be released on Wed and US PCE data today for further direction. The near term resistance is around 0.9920 and any convincing break above will take the pair to next level till 0.9950/0.9975/1.
On the lower side near term support is around 0.9850 and any break below that level targets 0.9800/0.9750/0.9695 (200- day MA).The pair should break below 0.9420 for further weakness.
It is good to buy on dips around 0.9845-5 with SL around 0.9800 for the TP of 0.9975/1.
