FxWirePro: USD/CHF upside capped by trend line resistance, good to buy on dips
USD/CHF has rallied till 0.96182 yesterday and has shown a minor selling from that level. The pair is currently trading around 0.95926. The decline from 1.0340 will come to an end only if it breaks above 0.97730 level. T…
USD/CHF has rallied till 0.96182 yesterday and has shown a minor selling from that level. The pair is currently trading around 0.95926.
The decline from 1.0340 will come to an end only if it breaks above 0.97730 level. The near term resistance is around 0.9620-0.9633 (trend line resistance and 55- day EMA) and minor bullishness can be seen only above that level.
Market awaits SNB monetary policy meeting on Sep 14th 2017 for further direction. SNB might be relaxed following recent weakening of Swiss franc against euro and expected to hold their loose monetary policy in the meeting.
Any break above 0.9635 will take the pair to next level till 0.9680/0.9700. Short term bullishness only above 0.97730.
It is good to buy on dips around 0.9580 with SL around 0.9525 for the TP of 0.9675/0.9700.
