2017.03.2206:59:00UTC+00Fxwirepro: Usd/chf Trade Idea

• Major support – 0.99140 (Trend line joining 0.95370 and 0.96788 and 200- day MA).
   
• Major intraday resistance – 0.9960 (support turned into resistance).
   
• USD/CHF has formed a temporary top around 1.01700 and declined sharply from that level. The pair shown a dip till 0.99218 yesterday and is currently trading around 0.99294.
   
• On the lower side, major resistance is around 0.99150 which seven month trend line support , 200 –day MA and any close below will drag the pair  till 0.98600 (Jan 31st low)/ 0.97850 (61.8% retracement of 0.95370 and 1.01700).
   
• The minor jump from 0.95370 and 1.03435 will come to end if the pair breaks below 0.98600 level.
   
• The near term resistance is around 0.9960 (support turned into resistance) and any break above will take the pair till 1.000/1.0040 (10- day MA)/1.0060.
  
  It is good to buy on dips around 0.9920-0.99225 with SL around 0.9860 for the TP of 0.9990/1.0040.           

 Resistance                                                                              

R1- 0.9960                          

R2 -1.000

R3- 1.0040

Support                   

S1-0.9914                

S2-0.9860

S3-0.9780