• 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.

     

     

    R1- 0.9955
     

    R2 - 1.000
     

    R3- 1.00680


    Support               

     

    S1- 0.9855


    S2- 0.9815

     

    S3- 0.9780

Share on,