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FxWirePro: USDCHF hovers near 3-week low, any break below 0.9800 confirms further weakness

Major resistance  0.9800

 

USDCHF is consolidating after hitting low of 0.98057 on Jul 18th, 2019. It is trading between 0.98473 and 0.98057 for the past three trading days. The Swiss franc is trading higher from Jul 9th and jumped more than 140 pips on account of the US-China trade war and ongoing Middle east tensions. US 10 year yield dipped more than 1.5% for the day and the overall trend is still weak.

 

On the higher side, near term resistance is around 0.9850 and any break above will take the pair to next level till 0.9900/0.9920/0.9950/0.9980/1.000/1.0025.

 

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 0.9850 with SL around 0.9900 for the TP of 0.9690.

 

 

By Rangarajan Hariharan
  • Market Data
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