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FxWirePro: USDCHF hits 2-week low, dip till 0.96900 likely

Major resistance  0.9900

 

USDCHF continues to trade lower for 2nd consecutive day and lost more than 80 pips from minor top 0.99050.US PPI data also came better than expected like CPI. Core PPI is at 0.3% compared to an estimate of 0.2%. The broad-based US dollar selling and geopolitical tensions have increased demand for Safe-haven assets like yen, Swiss franc. With no major economic data released today markets eye the Empire State Manufacturing index. US 10 year yield is consolidating after more than 5% jump on Friday. It is currently trading around 0.98225.

 

On the higher side, near term resistance is around 0.9865 and any break above will take the pair to next level till 0.99100/0.9950/0.9980/1.000/1.0025

 

The near term support is at 0.9800 and any violation below will take the pair to next level till 0.9750/0.9690.

 

It is good to sell on rallies around 0.9865 with SL around 0.9900 for the TP of 0.9750/0.9690.

 

By Rangarajan Hariharan
  • Market Data
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