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FxWirePro- USDCHF trade idea 

USDCHF surged sharply after upbeat US economic data. It hit a high of 0.84786 and is currently trading around 0.84696.

 

Economic data -

 

US GDP- Positive (bullish for the US dollar)

 

US Jobless claims- Positive - (Bullish for US dollar)

 

Technicals-

 

The pair is trading above 34 and 55 EMA in the hourly chart.

 

The near-term resistance is around 0.8480, a breach above targets 0.8500/0.8525. Intraday trend is bearish as long as resistance 0.8484 holds.The immediate support is at 0.8450, any violation below will drag the pair to 0.8430/0.8400/0.83830 /0.8365 (61.% fib projection)/0.8340.

 

Indicator (hourly chart)

 

CCI (14)- Bullish

 

CCI (50)- Bullish

 

Average directional movement Index - Bullish. Overall trend is mixed.

 

It is good to buy on dips around 0.8460-625 with SL around 0.8435 for a TP of 0.8525.

 

 

 

 

 

 

 

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