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USDCHF hits 10-day low, any break below 0.9850 targets 0.9780

Major support- 0.98500

 

USDCHF has lost nearly 150 pips from yesterday's high of 1.00145. The decline was mainly due to the dovish Fed policy. US Fed has kept its interest rate unchanged at 2.25-2.50% as expected and removed the word "patience" from the updated statement. The Fed Dot plot shows that 8 FOMC members expect a rate cut this year. The pair hits an intraday low of 0.98622 and is currently trading around 0.986350.

 

On the flip side, any break below 0.9850 confirms bearish continuation and a dip till 0.9800/0.9765. Any break below 0.97160 low made on Jan 10th will drag the pair till 0.9635/0.9600.

 

The near term resistance is around 0.9900 and any break above 0.9945/0.9970.Any bullish continuation only above 1.00280.

 

It is good to sell on rallies around 0.9900 with SL around 0.9940 for the TP of 0.9800/0.9780.

 

By Rangarajan Hariharan
  • Market Data
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