USD/CHF trades below trend line support, dip till 1.000 likely
USD/CHF formed minor top around 1.01078 on Apr 10th 2017 and declining from that level. The pair declined till 1.00557 and slightly jumped till 1.00875. It is currently trading around 1.00657.
On the lower side, the pair broke 1.0070 trend line support and any break below 1.00700 (trend line joining 0.9834 and 1.00144) will drag the pair down till 1.000/0.9960/0.9934 (200- day MA).The jump from 0.95493 and 1.03435 will come to end if the pair breaks below 0.9800 level.
The near perm resistance is around 1.0120 (76.4% retracement of 1.0170 and 0.98135) and any break above targets 1.0170 (Mar 7th 2017 low). Any close above 1.0170 will take the pair till 1.03450.
Minor bullish invalidation only below 0.9800 level.
It is good to sell on rallies around 1.0070 with SL around 1.0120 for the TP of 1.000/0.9960.
On the lower side, the pair broke 1.0070 trend line support and any break below 1.00700 (trend line joining 0.9834 and 1.00144) will drag the pair down till 1.000/0.9960/0.9934 (200- day MA).The jump from 0.95493 and 1.03435 will come to end if the pair breaks below 0.9800 level.
The near perm resistance is around 1.0120 (76.4% retracement of 1.0170 and 0.98135) and any break above targets 1.0170 (Mar 7th 2017 low). Any close above 1.0170 will take the pair till 1.03450.
Minor bullish invalidation only below 0.9800 level.
It is good to sell on rallies around 1.0070 with SL around 1.0120 for the TP of 1.000/0.9960.
