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Long

USD/CHF trades flat after SNB monetary policy,good to buy at dip

FX:USDCHF   U.S. Dollar/Swiss Franc
193 0 2
USD/CHF             is trading flat after SNB has kept its deposit rates unchanged at -0.75% .The target range for 3 month LIBOR also remained unchanged at 1.25% and -0.25%.

SNB Governor reiterated that CHF is overvalued and expressed his readiness to intervene.

Technically the pair‘s major intraday resistance is around 0.9876 (34 day H E MA) and break higher will take the pair to next level around 0.9900/0.99387/0.9957.

Overall bearish invalidation only above 1.00350 level

On the other hand break below 0.9820 will drag down the pair further lower till 09798 ( 61.8% retracement of 0.9476 and 1.03280) /0.9760.

It is good to buy at dips around 0.9870 with SL around 0.9820 for the TP of 0.9900/0.9950
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