FxWirePro: Chinese yuan falls drastically in early Asia after PBoC’s loan prime rate decision; hits lowest level since Dec 12, 2019
USDCHF trades above 0.9800 level, jump till 0.9900 likely
Major resistance - 0.9800
USDCHF recovered sharply and jumped nearly 150 pips from a low of 0.96598 on broad-based US dollar buying. US retail sales came at better than expected with 0.7% m/m compared to forecast of 0.3%.US dollar index trades higher and is holding above 98 levels. In the short term, it is expected to reach 98.93 high made on Aug 1st, 2019.
On the higher side, near term resistance is around 0.9800 and any convincing break above will take the pair till 0.9865/0.9900. The major trend reversal only above 0.9980.
The near term support is around 0.9780 and any violation below will drag the pair to the next level till 0.9720/0.9690. Any major weakness below 0.9660.
It is good to buy on dips around 0.9790 with SL around 0.9740 for the TP of 0.9900.