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2017.05.1507:20:00UTC+00Fxwirepro: Usd/chf Trade Idea
Major support – 0.9980 (200 HMA).
Major resistance -1.0036 (hourly Kijun-Sen).
The pair formed a temporary top around 1.00998 and started to decline from that level on account of weak U.S economic data. It is currently trading around 0.99830.
US retail sales increased 0.4% in previous month compared to 0.6% and consumer price rose at 0.2% in Apr drop in the prior month. The increase in CPI will defer the US Fed rate hike in the June.
The pair is trading near 200- HMA and any close below will drag the pair down till 0.9945 (61.8% retracement of 0.98533 and 1.00998)/0.9900. USD/CHF should break below 0.9800 for further weakness.
On the higher side, 1.0036 will be acting as major intraday resistance and any break above will take the pair till 1.0070/1.01075. Any violation above 1.01075 will take the pair till 1.0175.
It is good to sell on rallies around 0.9985-0.9990 with SL around 1.00360 for the TP of 0.9855/0.9813.
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