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USDCHF hits fresh 2019 high, jump till 1.0200 likely

Major resistance-1.0125

 USDCHF is trading  higher for 4 trading days and hits fresh 2019 high. The pair has broken major resistance 1.01285 high made on Nov 13th and hits fresh 5-month high. The jump was mainly due to US-China trade optimism and strong Chinese data has increased risk appetite. US retail sales m/m came at 1.6% compared to estimate of 0.9% and jobless claims decreased to 193k vs estimate 205k. It is currently trading around 1.0130.

On the higher side, the pair is trading above 1.0130and this confirms minor bullishness and a jump till 1.0175/1.0200. 

The near term support is around 1.00750 (5-day MA) and any violation below will drag the pair till 1.0050/ 1.0020/1.000 (55- day EMA).

 It is good to buy on dips around 1.00670 with SL around 1.0050 for the TP of 1.0125.

By Rangarajan Hariharan
  • Market Data
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