Major support- 0.9690
USDCHF has formed a double bottom around 0.9690 and shown a minor jump of more than 50 pips. The Chinese Yuan has weakened more than 2.5% this month and is trading above 7 levels. Global stock markets rebounded slightly after China clams down currency movements. The Swiss franc downside is limited as ongoing geopolitical tension will increase the demand for Safe-haven assets.
US dollar index is consolidating after a minor recovery of 60 pips from low of 97.21. Any major trend reversal only above 99.
US 10 year bond yield has halted its major sell-off and shown recovery of nearly 10% from low of 1.593%. It is currently trading at around 1.734%.
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..9635/0.9580.
It is good to buy on dips around 0.9720-225 with SL around 0.9690 for the TP of 0.9800.
