USD/CHF faces strong resistance at 200 day MA

29 June, 2016

Major resistance - 0.9840 (200 day MA). Major support – 0.9740 (daily Kijun-Sen). USD/CHF has made a high of 0.9836 yesterday and started to decline from that level. It is currently trading around 0.9800.

Short term trend is bullish as long as support 0.9740 holds. On the higher side, any break above 0.9835 will take the pair to next level till 0.99075/0.9960 level. The downside has been capped by daily Kijun-Sen and any break below targets 0.9679 (daily Tenken-Sen)/0.9630/0.9580. Overall bullish invalidation only below 0.9500 level.

It is good to buy at dips around 0.9780 with SL around 0.9740 for the TP of 0.9835/0.9860


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