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USDCHF trades well below trend line support, dip till 0.9800 likely

Major support- 0.9940

 

USDCHF is trading lower for 3rd consecutive days and lost nearly 50 pips for the day. The decline was mainly due to broad-based US dollar selling. DXY was trading lower after EU-UK agreed for a new Brexit deal. The easing US-China trade tension and some clarity in the Brexit deal are putting pressure on the US dollar index.

 

On the flip side, near term support is around 0.9860 and any break below will drag the pair down till 0.9800/0.9770.

 

The near-term resistance is around 0.9920 and any violation above targets 0.9955/1.000. Major trend reversal only above 1.10030.

 

It is good to sell on rallies around 0.9900 with SL around 0.9950 for the TP of 0.9800.

 

 

  

By Rangarajan Hariharan
  • Market Data
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