USD/CHF breaks major resistance at 0.9700, jump till 0.9900 likely
USD/CHF has shown a massive recovery after forming a bottom around 0.94385. The pair hits high of 0.9720 at the time of writing. It is currently trading around 0.97093. The break of 0.97000 resistance confirm that bottom…
USD/CHF has shown a massive recovery after forming a bottom around 0.94385. The pair hits high of 0.9720 at the time of writing. It is currently trading around 0.97093.
The break of 0.97000 resistance confirm that bottom has formed at 0.94385 and a further jump till 0.9808 (May 30th high)/0.9940 (200- day MA) is possible.
On the lower side, any further bearish continuation happens only below 0.9437 level and break below will drag the pair down till 0.92835 (161.8% retracement of 0.94385 and 0.97210).The minor support is around 0.9650/0.9589 (21- day EMA).
It is good to buy on dips 0.9700-0.9705 with SL around 0.9650 for the TP of 0.9808/0.9900
