Major Intraday resistance - 0.9880
USDCHF has shown recovery of more than 40 pips from low of 0.98438 and hits intraday high of 0.98741. The pair was trading weak for the past three trading days and declined more than 100 pips from minor top 0.99834. The demand for safe-haven increased yesterday after political issues in the US. US Conference Board consumer confidence came at 125.10 compared to the forecast of 133.
On the lower side, 0.9840 will be acting as major intraday support and any break below will drag the pair down till 0.9800/0.9770.Major weakness only below 0.9660.
The near term resistance is around 0.9875 (300 4H EMA) and any violation above targets 0.9925/0.9980. Bullish continuation only above 1.000.
It is good to buy above 0.98775 with SL around 0.9845 for the TP of 0.9930/0.9970.
