FxWirePro: USD/ZAR hovers around key support at 14.70 mark, sustained close below requires for downside rally
FxWirePro: USDCHF hits 1-month low on ongoing geoplitical tension, good to sell on rallies
USDCHF is trading extremely weak and lost more than 90 pips on ongoing politcal tension in UK and trade ar escalation. UK PM May has announced exit date as Jun 7th and cabinet rejected new Brexit deal. Andrea Leadsom House of Commons leader resigned and she is heavily against Theresa May new Breit deal. The ongoing uncertanity has increased demand for safe haven assets such as Swiss franc and gold. The pair hits low of 1.00086 and is currrently trading around 1.00280.
On the lower side, majro support is around 1.000 level and any break below will drag the pair down till 0.9958 (200- day MA)/0.9900.Any major weakness only below 0.9890.
The near term resistacne is around 1.0050 and any violation above targets 1.010/1.0120. Any break above 1.0120 will take the pair to next level till 1.0175/1.0250.
It is good to sell on rallies around 1.0050 with SL around 1.0080 for the TP of 0.9958.