FxWirePro: USD/CHF consolidates slightly above 200- day MA,political uncertainty weighs

USDCHF consolidates in narrow range after hitting low of 0.99052 level . Swiss franc was trading higher against all majors on account of political uncertainty . US-China trade war and Brexit vote is major factors which is supporting CHF. US has filed criminal case against Huawei might have impact on US-China trade deal.The pair has lost nearly 80 pips from the temporary top around 0.9990. Fed is expected to pause rate hike in the coming months on account of global uncertainties and US ,China trade war. It is currently trading around 0.99125.

Technically the pair is trading weak for the day and any close below 0.9900 (200- day MA) confirms minor weakness and dip till 0.9840/0.9800 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 0.9950 and above that level targets 0.9975/0.9990/1.0010.

It is good to sell on rallies around 0.9928-30 with SL around 0.9975 for the TP of 0.9840/0.9800.