Major Resistance- 0.9950
USDCHF has halted its 5-days of a winning streak and lost nearly 50 pips from high 0.99461. The slight recovery was mainly due to no Brexit deal in the UK that has increased demand for safe-haven assets like Swiss franc and gold. Markets eye US CB consumer confidence and PCE index data for further direction. The pair hits low of 0.98993 and is currently trading around 0.99008.
The Fed policy meeting which is to happen tomorrow has more impact on currency pairs. But markets already priced in 25 bps rate cut.
The near term resistance is around 0.99515 and any violation above will take the pair to next level till 0.9978/1.00150. Minor trend reversal only above 1.00150.
On the flip side, near term support is around 0.9860 and any convincing break below targets 0.9800/0.9755.
It is good to sell om rallies around 0.9910 with SL around 0.9951 for the TP of 0.9800.
