- Ascending triangle formation seen on USD/CHF dailies, major support and resistance at 0.9630 and 0.9820 respectively
- Swiss franc stronger on Tuesday as risk aversion swept global markets, underpinning flows into haven currencies
- USD/CHF slumped around 0.5 percent on the day to lows at 0.9687, and currently has paired some gains to trade at 0.9719
- The pair took support at daily Tenkan by 0.9685, breaks below Tenkan could take the pair to 0.9640 and further to 0.9630 levels
- Immediate resistance on the upside is seen at 4h 50 MA at 0.9724 ahead of 0.9816 (Sept highs and then 0.9820
- Pair could resume long-term bullish trend on breaks above 0.9820, bullish invalidation only below 0.9630
Recommendation(Short-term): Good to buy dips around 0.9700, SL: 0.0.9680, TP: 0.9750
The material has been provided by InstaForex Company – www.instaforex.com