Major support- 0.9860
USDCHF trading weak for the past 4 trading days and lost more than 100 pips on broad-based US dollar selling. US Fed has cuts interest rates by 25 bps and hinted for a pause. Markets eye US PCE index and Chicago PMI data which is to be released today for further direction. The slight easing of the US-China trade war has increased demand for riskier assets like stocks. But still, uncertainty persists in Brexit which is expected to support Swiss franc at lower levels.
On the flip side, near -term support stands at 0.9840 and any indicative break below will drag the pair to the next level till 0.9800/0.9765.
The major resistance for the pair is at 0.9900 and trending above that level will take to 0.99525 (200- day MA)/0.9970 high made on Oct 28th, 2019. The decline from 1.02365 will end at 0.9659 only if it breaks 1.0030.
It is good to buy on dips around 0.9848-50 with SL around0.9800 for the TP of 0.9925.
