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FxWirePro: USDCHF trades above parity level, jump till 1.0100 likely
As per our analysis USDCHF has broken parity level in the European session on broad based US dollar buying. US dollar index shown a good jump of more than 30 pips from today's low after ECB President Draghi dovish speech. Markets eye Fed monetary policy on Wednesday for further direction.According CME Fed watch tool there is 20.8% probability of 25bpbs rate cut and 79.8% chance that the central bank will hold its rates unchanged. The pair hits high 1.00050 and is currently trading around 1.00037.
On the higher side, any convincing break above 1.000 level confirms major trend reversal and a jump till 1.0050/1.010. Any major bullishness only above 1.0120.
The major trend reversal can happen only below 0.9960 (200-day MA) and any violation below will drag the pair till 1.0050/1.010.
It is good to buy on dips around 1.000 with SL around 0.9960 for the TP of 1.010.