USDCHF trades directionless, any further upside-only above 0.9900

USDCHF has halted its 7 days of a winning streak and is consolidating in a narrow range between 0.98345 and 0.98870 for the past two trading day.US private sector has added 102000 jobs for the month of Jun compared to forecast of 140000 and trade deficit got widened $51.2B to $55.5 worst than the forecast of $53.2B. The pair hits an intraday low of 0.98550 and is currently trading around 0.98568.

On the flip side, near term support is around 0.9840-45 (300- H EMA) and any violation below that level on an hourly basis will drag the pair to the next level till 0.9790/0.9760/0.9690. Any bearish continuation only below 0.9690.

The near term resistance is at 0.9900 (23.6% fib) and any break above will take the pair till 0.9920 (161.8% fib 0.98870 and 0.98345)/0.9945. Any close above 0.9975 targets 1.0025.

Economic data for the day

US markets closed today on account of independence day.

It is good to buy on dips around 0.9830-35 with SL around 0.9778 for the TP of 0.9935.