Major resistance - 0.9890 (Jul 2nd high)
USDCHF has recovered more than 30 pips from low of 0.98465 made yesterday. Markets are trading flat with thin volumes and any further movement can be seen only after US NFP data.US economy is expected to add 162000 jobs compared to 75000 jobs in May and wage growth is to be at 0.3% vs estimate of 0.2%. The pair hits an intraday high of 0.98763 and is currently trading around 0.98740.
On the flip side, near term support is around 0.9840-45 (300- H EMA) and any violation below that level on an hourly basis will drag the pair to the next level till 0.9790/0.9760/0.9690. Any bearish continuation only below 0.9690.
The near term resistance is at 0.9900 (23.6% fib) and any break above will take the pair till 0.9920 (161.8% fib 0.98870 and 0.98345)/0.9945. Any close above 0.9975 targets 1.0025.
It is good to buy on dips around 0.9855-58 with SL around 0.9800 for the TP of 0.9975.
