FxWirePro: USDCHF Trade Idea

USDCHF continues to trade lower for 6th consecutive day and hits fresh 10 day low around 1.00107.The pair has formed temporary top around 1.01242 on Mar 7th 2019. The decline was mainly due to broad based selling in US dollar. US dollar index has lost more than 100 pips after hitting high of 97.71 almost a double top. Markets eye US FOMC policy meeting on Wed for further direction.It is currently trading around 1.00135.

On the higher side, near term resistance is around 1.0030 and any violation above targets 1.0060/1.010/1.01285. Any break above 1.01285 confirms that bear trend has stopped around 0.97162 and jump till 1.0175/1.0340 is possible.

The near term support is around 1.000 and any break below will take the pair to next level till 0.9975 (200- day MA)/0.9950/0.9919 (200- day MA).

It is good to sell on rallies around 1.0030-325 with SL around 1.0060 for the TP of 0.9976/0.9958/0.9920.

Resistance

 R1- 1.0060

R2 -1.010

R3-1.01285

Support               

S1- 0.9975

S2- 0.9958

S3- 0.9918