FxWirePro: USD/CHF finds support near 200- day MA,any break below targets 0.9800

USDCHF continues to trade weak for second day and lost nearly shown a nearly 80 pips from the high of 0.9990. Swiss franc was trading strong on account of slight decline in global stock market. Fed is expected to pause rate hike in the coming months on account of global uncertainties and US ,China trade war. S&P500 has halted its bullish trend and is facing strong resistance at 300- day EMA around 2675. The pair hits low of 0.99122 and is currently trading around 0.99143.

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.

On the lower side, near term support is around 0.9900 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 0.9928-30 with SL around 0.9975 for the TP of 0.9840/0.9800.