FxWirePro:USD/CHF downside capped by trend line support, good to buy on dips
Thursday, March 9, 2017 10:06 AM UTC
- Major resistance – 1.0180 (trend line joining 1.01187 and 1.01405)
- Major intraday support – 1.0140 (resistance turned into support and trend line joining 1.00720 and 1.01229).
- USD/CHF formed a minor top around 1.01700 level yesterday and shown a mild decline till 1.01229 from that level.
- The pair should break above the weekly high of 1.01700 for further jump till 1.0200/1.02480.
- On the lower side, 1.01400 will be acting as immediate support and any break below will drag the pair down till 1.00970 (23.6% retracement of 0.98600 and 1.01700)/1.00690 (Mar 3rd 2017 low).
It is good to buy on dips around 1.01200 with SL around 1.00950 for the TP of 1.0200/1.02480
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