FxWirePro: USD/CHF Trade Idea

USD/CHF has once again recovered from low of 0.99075 and shown more than 50 pips jump. The pair is struggling to break above parity level 1.000.It hits intraday high of 0.99587 and started to decline.The pair is trading narrow range but bias is on downside after Fed monetary policy.According Fedwatch tool highest probability of hike by Fed this year is at 9% 3Q19 and chance of rate cut is at 30% chance in Q1 2020. US-China trade talks and Brexit uncertainty also supports Swiss franc. The pair is currently trading around 0.99233.

The near term major resistance is around 0.9960 and any convincing break above targets 0.9975/1.0010. Any break above 1.0010 confirms minor trend reversal and a jump till 1.00680/1.0130 is possible.

On the lower side, near term support is around 0.9900 (200- day MA) and any break below targets 0.9840/0.9800.

It is good to sell on rallies around 0.9950-55 with SL around 1.000 for the TP of 0.9845/0.9800.

Resistance

R1- 0.9960

R2 - 1.0010

R3- 1.00680

Support               

S1- 0.9900

S2- 0.9845

S3- 0.9800