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USDCHF trades within 30 pips for past three days, good to go long above 1.01200

Major resistance - 1.01200

 

The pair is trading narrow range of 30 pips for past three trading days.The pair was trading higher from Mar 20 th to Apr 29 and jumped more than 300 pips on broad based USD buying and easing trade tension.It has halted its uptrend after hitting high of 1.02369 and started to decline sharply nearly 200 pips after US Trump imposed more tariffs to Chinese products.In past three days the pair is trading between 1.00805 and 1.01216 and is currently trading around 1.00975.

 

On the lower side, near term support is around 1.00750 and any violation below will drag the pair till 1.00435/1.000.

 

The major resistance is around 1.0125 and pair is struggling to break convincingly above that level. Any break above confirms major bullishness and a jump till 1.0175/1.0235.

 

It is good to sell on rallies around 1.0115-20 with SL around 1.0175 for the TP of 1.00435/1.000.

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