FxWirePro: USD/CHF trade idea
Source: FxWire Pro - Technicals / 12 Oct 2018 08:59:34 America/New_York
Candlestick pattern- Doji and Shooting star
Major resistance 0.9950
USDCHF has recovered once gain after hitting low of 0.9855 level. The pair jumped till 0.99225 and is currently trading around 0.9900.USD was trading higher against Swiss franc for past 10 trading days and has jumped almost 400pips . Swiss franc gained momentum and jumped more than 100 pips on account of geo political tensions in Italy and trade war worries between US and China has increased demand of safe haven currencies like Yen,Swiss franc.
On the lower side, near term support is around 0.9855 (23.6% fib) and any break below targets 0.9815 (89- day EMA)/0.9755 (20- day MA).
The near term major resistance is around 0.9955 and any violation above will take the pair till 1.000/1.00681. The pair should break above 1.00680 for further upside.
It is good to sell on rallies around 0.9905-0.9910 with SL 0.9960 for the TP of 0.9815/0.9755.
R2 - 1.000
S3- 0.9780© FxWire Pro 2019. All rights reserved. The FxWire Pro content received through this service is the intellectual property of FxWire Pro or its third party suppliers. Republication or redistribution of content provided by FxWire Pro is expressly prohibited without the prior written consent of FxWire Pro, except for personal and non-commercial use. Neither FxWire Pro nor its third party suppliers shall be liable for any errors, omissions or delays in content, or for any actions taken in reliance thereon.