FxWirePro: USDCHF jumped more than 100 pips from low of 0.99230, markets eye 1.0030

USDCHF has shown huge sell-off yesterday after a minor jump above 1.000 level. The decline was mainly as the US could impose of 7.5bn pound of tariffs on EU goods has increased demand for safe-haven assets like yen, gold. DXY lost more than 60 pips after hitting a 28-month high at 99.59. The US economic data released recently came slightly weaker than expected especially US ISM PMI came at 47.2%, the lowest level since 2009, ADP employment added 135000 jobs in Sep vs estimate of 152000.

Markets eye US ISM services PMI data at 2:00 PM GMT for further direction.

On the higher side, any minor trend continuation if it breaks 1.0030, any violation targets 1.0060/1.0100. Major bullishness only above 1.0125.

The near term support is around 0.99525 (200 -day MA) and any break below will drag till 0.9920/0.9890/0.9840.

It is good to sell on rallies around 1.00175-20 with SL around 1.0030 for the TP of 0.9900.