• FxWirePro: USD/CHF struggles to close below 20- day ma, good to buy on dips

    Source: FxWire Pro - Technicals / 06 Mar 2018 02:44:00   Eastern Standard Time

    • USD/CHF has shown a good recovery after hitting low of 0.93384 slightly below 20- day MA. The pair formed almost triple bottom at 0.9320 and any bearish continuation can be seen below that level.  The pair hits intraday high of 0.94050 and is currently trading around 0.9405.
    • CHF shown a good jump on Friday after Trump’s imposition of tariff on steel and aluminum products. But as trade war fear eases USDCHF started to recover sharply almost 70 pips from low.
    • Technically, in the daily chart the pair has broken 20- day MA at 0.9350 and has shown a good recovery. It should move above 0.9410 for further bullishness till 0.9470/0.9500.
    • On the lower side, near term support is around 0.9350 and any break below will take the pair to next level till 0.9320/0.9280. The major support is around 0.92510.

    It is good to buy on dips around 0.9355-60 with SL around 0.9320 for the TP of 0.9470/0.9500.