USD/CHF
The pair has been in a down trend from 0.8952 levels. It is facing strong resistance at the descending trendline. We expect this pair will give an upside breakout in the next couple of weeks. On the down side, the pair has strong support at 0.8744 (April 11 low). Once it breaks this, it will fall to 0.87 and 0.8655 levels. On the up side, the pair has strong resistance at 0.8818 (50daily SMA) above this descending trend line. Once the pair crosses the descending trend line, it will zoom up to 0.90 (200daily EMA). The RSI in the daily chart is indicating the buy-on-dips strategy. If the pair breaks 0.8744, don't buy, traders can wait for 0.87 or 0.8650.
Currently the pair is facing resistance at 0.8781 levels on an intraday basis and taking support at 0.8766. The trading is framed between 0.8781-0.8766. On the down side, below 0.8766, it will take the immediate support at 0.8744, real panic will start, once the pair breaks the 0.8744. If the pair breaks the upside band, it will fly up to 0.8787, 0.88 and 0.8823 levels. The trend change level exists at 0.8862 levels. We expect the pair will try to take the support again and it will move to higher levels.
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