Major Support- 0.9690
USDCHF lost nearly 100pips for the day on renewed US-China trade war. China has responded to US tariff threat by devaluing Yuan and suspended imports of US agricultural products.US dollar index is trading lower for 3rd consecutive days and lost more than 100pips from 27 months high 98.93. The US 10-year bond yield hits 3-year low and declined more than 6% for the day.
Markets eye US non-manufacturing data which is to be released today for further direction.
The near term resistance is around 0.9800 and any violation above will take the pair to next level till 0.9880/0.9926. Minor trend reversal only above 0.99785. Any break above 0.9978 targets 1.00146.
On the flip side, near term support is around 0.9690 and any convincing break below targets 0..9635/0.9600.
It is good to sell on rallies around 0.9800 with SL around 0.9865 for the TP of 0.9635.
