Chart pattern- Bullish divergence
Major support – 0.9510
USDCHF has halted its 10 days of weakness and shown a lesser jump of more than 40 pips. The pair is in oversold and minor short covering till 0.9600. Major trend reversal only above 0.96250.
The spread of coronavirus will impact global growth which will increase demand for Safe-haven assets like yen, Swiss franc.
Technically immediate resistance is around 0.96020, any violation above targets 0.9625/0.9670.
On the flip side, major support stands at 0.9510 and indicative break beneath will drag the pair to the next level till 0.9480/0.9435.
It is good to buy on dips around 0.9548-55 with SL 0.9510 for the TP of 0.9625.
