FxWirePro: USD/CHF trades weak on trade war tensions and weak global stock market, good to sell on rallies

USD/CHF is trading weak for 5th consecutive day and has shown a massive sell-off after forming temporary top around 1.01285. The pair lost more than 200 pips and is trading near day’s low. The Swiss franc has gained strength against all majors after renewed trade war between US and China and weak global stock market. European indices has lost more than 0.50% following foot steps of US futures . The pair hits low of 0.99088 and is currently trading around 0.99175.

On the higher side, near term resistance is around 0.9937 and any break above targets 1/1.00260 (20- day MA)/1.00680.

The near term major support is around 0.9900 and any break below targets 0.9847/0.9800 (200- day MA).

It is good to sell on rallies around 0.9945-50 with SL around 1.0000 for the TP of 0.9800.