USD/CHF 0.05% has recovered once again after hitting low of 0.9322. The pair formed almost triple bottom at 0.9320 and any further weakness only below that level. The pair hits intraday high of 0.93885 and is currently trading around 0.93740.
Market eyes US Fed chairman testimony in congress for further direction. Major data released today are US durable goods order and conference board consumer confidence.
Technically, in the daily chart the pair has shown a minor decline below 20- day MA at 0.9335 and jumped sharply from that level. The pair should break above 0.9410 for further jump till 0.94700 .It should move above 0.9470 for further bullishness.
On the lower side, near term support is around 0.9320 and any break below will drag the pair down till 0.9300/0.9280/0.9240. Any break below 0.91817 confirms bearish continuation, a dip till 0.9060 likely.
It is good to buy on dips around 0.9335-40 with SL around 0.9300 for the TP of 0.9410/0.9470.
Submit Your Comments: