FxWirePro: Sell USDCHF below 0.9690 

Major support- 0.9690

USDCHF is trading in a narrow range between 0.9690 and 0.9800. The escalation of the US-China trade war is putting pressure on this pair at higher levels. The Chinese Yuan is trading weak for 2nd consecutive week and lost 2.5% this month. The US 10 year bond yield is still in a bearish trend and any minor jump can be seen only above 1.88%.

US dollar index is consolidating between 97.21 and 97.85 for the past 3 trading days. Any major trend reversal only above 99.

The near term resistance is around 0.9800 and any violation above will take the pair to next level till 0.9880/0.9926. Minor trend reversal only above 0.99785. Any break above 0.9978 targets 1.00146.

 On the flip side, major support is around 0.9690 and any convincing break below targets 0.9635/0.9580.

It is good to sell on rallies around 0.9695-70 with SL around 0.9745 for the TP of 0.9600.