- USD/CHF jumped more than 50 pips from the yesterday low of 0.98552 after positive U.S economic data. US ADP employment came at 190K in Nov compared to forecast of 186K and manufacturing sector added 40000 jobs highest in 15 years. The pair hits high of 0.99098 yesterday and is currently trading around 0.99212.
- Technically pair is trading well above short term (20- day MA and 50 –day MA) and long term (100 and 200 day) MA. The near term resistance is around 0.9945 and any break above will take the pair to next level till 1.000/1.00380.
- On the lower side, near term support is around 0.9854 (50- day MA) and any break below will drag the pair to next level till 0.9805 (200- day EMA)/0.9770. it should break below 0.9705 for further weakness.
It is good to buy on dips around 0.9895 with SL around 0.9850 for the TP of 1.000/1.0038.