USD/CHF breaks major resistance at 0.9705, targets 0.97730
USD/CHF has broken major resistance at 0.9705 high made on Sep 14th 2017 after hawkish Fed statement. The pair has formed a minor bottom at 0.95650 on Sep 15th 2017 and trading higher from that level. It is currently trading around 0.97277.
Fed has kept its interest rate unchanged and finally made formal announcement that it will start to taper QE by Oct. Fed futures are pricing in 73.4% chance of a Dec hike compared to 48.6% a week ago.
Short term trend is still bullish as long as support 0.9630 (55- day EMA) holds. Any break below will drag the pair down till 0.9580/0.9525/0.9500. Overall bearish continuation can be seen only below 0.9420.The minor support is around 0.9590 (20- day MA)/0.9550.
The near term resistance is around 0.97730 and any convincing break above will take the pair to next level till 0.9808/0.9866 (200- day MA).
It is good to buy on dips around 0.9680 with SL around 0.9630 for the TP of 0.97730/0.9808
Fed has kept its interest rate unchanged and finally made formal announcement that it will start to taper QE by Oct. Fed futures are pricing in 73.4% chance of a Dec hike compared to 48.6% a week ago.
Short term trend is still bullish as long as support 0.9630 (55- day EMA) holds. Any break below will drag the pair down till 0.9580/0.9525/0.9500. Overall bearish continuation can be seen only below 0.9420.The minor support is around 0.9590 (20- day MA)/0.9550.
The near term resistance is around 0.97730 and any convincing break above will take the pair to next level till 0.9808/0.9866 (200- day MA).
It is good to buy on dips around 0.9680 with SL around 0.9630 for the TP of 0.97730/0.9808
