FxWirePro: USD/CHF takes support near 0.97900, any further weakness only below that level

Major support – 0.9790

USD/CHF is trading weak for 2nd consecutive day and has once again taken support near 0.9790. The pair  was trading weak on account of global stock market turmoil has increasing demand for safe haven assets. US stock markets has lost more than 15% and worst year in a decade. The pair declined more than 200 pips and hits low of 0.97899 and is currently trading around 0.98142.

The near term support is around 0.97900 and any break below will drag the pair to next level till 0.9735/0.96800//0.96500.

The minor trend reversal will happen only above 0.9870 and any close above will take the pair till 0.9920/0.9960. The pair should break above 1.0010 for further jump till 1.00680/1.0125.

It is good to sell on rallies around 0.9835-40 with SL around 0.9870 for the TP of 0.9735/0.9700.