USD/CHF: Buy on dips : FxWirePro | October 30, 2017

USD/CHF 0.04% jumped sharply in the previous week after ECB policy meeting. The pair hits high of 1.00378 yesterday and shown a minor profit booking from that level. The pair has closed slightly below 1.000 level. It is currently trading around 0.99880.

The central bank announced on Oct 0.57% 26th that it will cut its 60b euros bond buying to 30b euros form Jan 2018 till Sep 2018.

The intraday trend is still bullish as long as support 0.9950 holds. Short term bullish invalidation below 0.9705 level Oct 0.57% 10th 2017 low.

Technically, the pair is facing strong resistance is around 1.000 and any close near term psychological resistance is around 1.000 and any break above will take the pair to next level till 1.00998/1.0174.

The near term major support is around 0.9950 and any break below will drag the pair till 0.9900/0.9865 (233-day MA). Minor weakness can be seen only below 0.97730.

It is good to buy on dips around 0.9980 with SL around 0.9945 for the TP of 1.0038/1.0070