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FxWirePro: USD/CHF struggles to close above 0.9800, good to buy on dips | October 18, 2017
- USD/CHF has shown a minor dip after hitting a high of 0.9808. The pair has made a temporary top around 0.98350 and any bullish continuation only above 0.98350 level. Intraday trend of the pair is still bullish as long as support 0.9705 resistance turned into support holds. It is currently trading around 0.97953.
- On the lower side, any break below 0.9705 confirms that jump from 0.9420 ends at 0.98345 and a decline till 0.9580/0.9500 is possible. Overall bearish continuation is possible only below 0.9420. The near term support is around 0.9730. Minor weakness can be seen only below 55- day MA (0.9645).
- The near term resistance is around 0.97780 and any violation above will take the pair to next level till 0.9835/0.9900.
It is good to buy on dips around 0.9775 with SL around 0.9730 for the TP of 0.9845/0.9900.
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