USD/CHF downside capped by 20 –day ma, good to sell on rallies
-
Major resistance – 1.0060
-
USDCHF has shown a minor decline till 0.99575 and started to recover
from that level. The pair almost formed almost a double top at 1.00560
and started to consolidate within narrow range. Any convincing break
below 0.9945 (20- day MA) confirms minor weakness and a dip till
0.9900 is possible.
-
The pair’s further bullish continuation can be seen only above 1.0060
level. Any break above 1.0060 will take the pair to next level till
1.010/1.0170 level. The safe haven such as yen has been declining
sharply
-
In this week the pair jumped till 1.00415 and started to decline from
that level. So intraday trend is still weak and any convincing close
below 1.000 confirms minor bearishness.
It is good to sell on rallies around 1.0020-25 with SL around 1.0060
for the TP of 0.9905.
