FxWirePro: USD/CHF upside capped by 7 SMA, good to sell on rallies
USD/CHF has once declined after showing a minor jump till 0.97763. The pair makes intraday low of 0.97166 and is currently trading around 0.97176. USDCHF is trading weak and its upside is capped by 7- day MA and further …
USD/CHF has once declined after showing a minor jump till 0.97763. The pair makes intraday low of 0.97166 and is currently trading around 0.97176.
USDCHF is trading weak and its upside is capped by 7- day MA and further bullishness can be seen only above that level.
The pair is facing strong trend line support at 0.9720 (trend line joining 0.90786 and 0.95493) and any further bearish continuation can be seen if it closes below that trend line. The near term major support is around 0.96788 and break below targets 0.96170.
On the higher side near term resistance is around 0.9805 and any break above will take the pair till 0.9860/0.9900.The pair is neutral phase for the long term and it should break above 1.03435 for further bullishness.
It is good to sell on rallies around 0.9725-0.9730 with SL around 0.9805 for the TP of 0.962.
