FxWirePro: USD/CHF Daily Outlook

USDCHF halted its bullishness and shown a nearly 60 pips decline from the high of 0.9990. Swiss franc was trading weak for past one week on account of easing US-China trade deal and slight recovery in global stock market. US markets has recovered nearly 9% in the month of Jan.But US government shutdown and Brexit uncertainty rises demand for safe haven asset. It is currently trading around 0.99340.

Technically the pair is trading weak for the day and it has closed slightly below 200- H MA. This confirms minor weakness and dip till 0.9880 possible.

The near term major resistance is around 1.0010 and any convincing break above targets 1.0068/1.01300. Any break above 1.0130 confirms that pair has formed minor bottom at 0.97169.Intraday resistance is around 0.99680 and above that level targets 0.9990/1.0010.

On the lower side, near term support is around 0.9925 and any violation below will drag the pair to next level till 0.9870/0.9840/ 0.9790/0.9735/0.9700.

It is good to sell on rallies around 0.9950 with SL around 0.9975 for the TP of 0.9900/0.9880.