FxWirePro: USD/CHF trades higher for 8th consecutive day on declining safe-haven asset demand, break above 1.0010 confirms bullish continuation

USDCHF remains in solid uptrend for 8th consecutive day and hits 1-month high at 0.99878.The pair jumped more than 170 pips on account of easing geopolitical tensions. The trade optimism between US and China has increased demand for risky assets such stocks but uncertainty still exists. The Chinese markets which is main indicator watched closely in relation to the ongoing trade issues. Shanghai composite has jump more than 7% in the month of Jan shows that markets are confident on US -China trade deal.The pair has formed a minor bottom around 0.97165 and recovered nearly 2.5% from the low. It is currently trading around 0.99829.

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.

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 buy on dips around 0.9950 with SL around 0.9900 for the TP of 1.00680.