- USD/CHF is consolidating after forming a temporary top at 1.00370. The pair declined till 0.99380 and is currently trading around 0.99835.
- Market awaits US Fed monetary policy meeting for further direction. Major economic data to be released today for the US are ADP employment and ISM manufacturing data. Swiss SVME-PMI data is major event for the Switzerland.
- Technically, near term support stands at 0.9930 (61.8 retracement of 0.9865 and 1.00378) and any break below will drag the pair to next level till 0.9900/0.9860 (233- H MA). Short term trend is still bullish as long as support 0.9930 holds.
- The major resistance is around 1.000 and any break above will take the pair to next level till 1.0040/1.0100. Short term trend reversal can be seen below 0.9705. Overall weakness only below 0.9420.
It is good to buy on dips around 0.9935-0.9940 with SL around 0.9870 for the TP of 1.0038/1.0100.
