FxWirePro: USDCHF struggles to break below parity level, good to sell on rallies

USDCHF has once again declined near parity level and shown a minor recovery.The demand for safe haven assets increased a lot on ongoing political tension in UK and trade war escalation. UK PM May has announced exit date as Jun 7th. In European election Brexit party dominates UK results and Tories ,labor suffered. The pair hits low of 1.00086 and is currently trading around 1.00378.

On the lower side, major 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 resistance 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.