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FxWirePro: USDCHF Daily Outlook
Major resistance - 0.9860
USDCHF has formed a temporary bottom around 0.9660 and jumped sharply on short-covering and a slight easing of US-China trade tension. US and China are planning to revive trade talks Donald's Trump chief economic advisor said on Sunday. The US commerce department has granted a 90 -day trade extension to Huawei. The slight easing has reduced demand for Safe-haven assets like yen and Swiss franc. Markets eye US Fed meeting minutes which is to happen on Wednesday for further direction. The pair hits high of 0.98210 and is currently trading around 0.97928.
US dollar index trades higher and is holding above 98 levels. In the short term, it is expected to reach 98.93 high made on Aug 1st, 2019.
On the higher side, near term resistance is around 0.9820 and any convincing break above will take the pair till 0.9865/0.9900. The major trend reversal only above 0.9980.
The near term support is around 0.9770 and any violation below will drag the pair to the next level till 0.9720/0.9690. Any major weakness below 0.9660.
It is good to buy on dips around 0.9770 with SL around 0.9740 for the TP of 0.9900.