FxWirePro:USD/CHF Trade idea

• Major resistance- 1.0550 (support turned into resistance).
   
• Major support – 1
   
• The pair declined drastically yesterday till 0.99961 and shown a minor pull back from that level. It is currently trading around 1.00246.
   
• Short term trend is still bearish as long as resistance 1.00550 holds.
   
• Any violation above 1.00550 will take the pair to next level till 1.00832 (61.8% retracement of 1.01364 and 0.99965)/1.01365 (Jan 16th High).
   
• On the lower side any close below 1 confirms that jump from 0.9549 till 1.03435 got over and a decline till 0.9950/0.9820 is possible.
  
  It is good to sell on rallies around 1.00500 with SL around 1.0085 for the TP of 0.9950

Resistance                                                                               

R1-1.00550

R2-1.00835

R3- 1.01365

Support      

S1-1

S2-0.9950

S3- 0.9825