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FxWirePro: USD/CHF declines slightly on US corporate tax delay, good to sell on rallies

  • USD/CHF has declined sharply yesterday after US Senate confirmed delay in corporate tax cut. The pair declined till 0.99218 and is currently trading around 0.99540. 
                  
  • GOP Senate leaders announced a tax package that it will delay cutting corporate tax from 35% to 20% until 2019.
     
  • Swiss Central bank President Thomas Jordan reiterated that Swiss franc currency is overvalued and SNB will interfere to bring its value down.  
     
  • Technically, intraday trend is mildly weak, a further dip till 0.9855 is likely. The pair’s near tern support is around 0.9908 (20- day MA).Any break below will drag the pair to next level till 0.98948 (23.6% fibo and trend line support)/0.98550. Short term trend is still bullish as long as support 0.9835 (Resistance turned into support) holds. Long term weakness only below 0.9705.
     
  • The major resistance is around 1.0040 and any break above will take the pair to next level till 1.0100/1.0174. The near term resistance is around 0.9983 (10- day MA)/1.000.

It is good to sell on rallies around 0.9955-0.9960 with SL around 1.000 for the TP of 0.9855/0.9840.

 

 

 

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