FxWirePro:USD/CHF Trade Idea

Chart Pattern- Descending Triangle pattern

Major support- 0.9980

USDCHF is consolidating in narrow range between 0.99847 and 1.00245 for past 4 trading session. The pair is struggling to close above parity level. DXY was trading weak and lost more than 100 pips from minor top 97.37. It is currently trading around 1.00035.

On the lower side, near by support is around 0.9980 and any break below will drag the pair to next level till 0.9950/0.9900. Minor weakness can be seen only below 0.9900.

The major near term resistance is around 1.0030 and any break above will take the pair to next level till 1.00680/1.010.

It is good to sell on rallies around 1.0010 with SL around 1.0030 for the TP of 0.9950/0.9900.   

Resistance

 R1- 1.0030

R2 -1.00680

R3-1.010

Support               

S1- 0.9980

S2- 0.9950

S3- 0.9900