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

    Source: FxWire Pro - Technicals / 08 Mar 2018 02:37:08   Eastern Standard Time

    • USD/CHF has shown a good recovery after hitting low of 0.93570 slightly below 20- day MA. The pair formed almost minor bottom around 0.9350 and any bearish continuation can be seen below that level.  The pair hits intraday high of 0.94415 and is currently trading around 0.94293.
    • US ADP employment data shows that US economy has added 235k jobs in the month of Feb compared to forecast of 200K. US dollar showed a mild jump after the release of data. Market awaits clarity on US tariff plan for further direction.
    • Technically, in the daily chart the pair  is facing strong resistance at 0.9495 (55- day EMA) an any break below will take the pair to next level till 0.9550/0.9600.
    • 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 0.9400 with SL around 0.9350 for the TP of 0.9495/0.9550.