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FxWirePro: USDCHF trades higher on US-China trade optimism, minor trend reversal only above 1.0030

USDCHF is trading higher for the day and jumped nearly 70 pips on easing global trade uncertainty. US President Trump said to reporters that "We had a very, very good negotiation with China,". The trade talks optimism has decreased demand for Safe-haven assets like yen and gold. US 10- year jumped more than 10% from low of 1.50% and recovered nearly 3% in the European session.

 

On the higher side, any minor trend continuation if it breaks 1.0030, any violation targets 1.0060/1.0100. Major bullishness only above 1.0125. The near term major resistance is around 0.99525/0.9980.

 

The near term support is around 0.9900 and any break below will drag till 0.9840/0.9770.

 

It is good to buy on dips around 0.99425-50 with SL around 0.9900 for the TP of 1.0030.

 

Resistance

 

R1- 1.0030

 

R2- 1.0060

 

R3- 1.0100

 

Support

 

S1-0.9900

 

S2- 0.9840

 

S3-0.9770

 

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