FxWirePro:USD/CHF Trade Idea

Ichimoku analysis (Hourly chart)

Tenken-Sen - 1.0064

Kijun-Sen- 1.0057

USDCHF was trading weak and lost more than 90 pips from high of 1.301283. The pair hits low of 1.00357 yesterday and shown a 40 pips recovery. It is currently trading around 1.00753. The global sell-off in stock market and slight short covering in USD is supporting Swiss Franc. But overall trend is still bullish as long as support 1.0020 holds .

The policy divergence between US Fed and SNB is also supporting USDCHF prices. The pair was trading slightly below 200 H MA and not able to hold below that level for a long time. Technically , near term support is around 1.0020 (20- day MA) and any violation below targets 1.000/0.9950. Short term weakness below 0.9950 level.

It is good to buy on dips around 1.0050 with SL around 1.0020 for the TP of 1.01250.

Resistance

R1- 1.0130

R2 - 1.01700

R3- 1.0340

Support               

S1- 1.00520

S2- 1.000

S3- 0.9950