FxWirePro: USDCHF Daily Outlook
Major resistance - 0.9860
USDCHF continues to trade higher and jumped more than 30 pips after FOMC minutes. The minutes clearly stated that the rate cut in Jul was mainly due to the economic slowdown and weak inflation. The most members considered the rate cut as "mid-cycle adjustment" and a further rate cut is data-dependent. Markets eye Jackson hole symposium for further direction. It is currently trading around 0.98250.
US dollar index has corrected more than 20 pips in the past two hours after a minor recovery till 98.32 from low of 97.95.Any minor weakness only below 97.80. 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 0.9860 and any convincing break above will take the pair till 0.9900/0.9980. 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 0.9800 with SL around 0.9770 for the TP of 0.9900.
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