FxWirePro: USD/CHF trades within a falling wedge channel, break above 0.9925 confirms further bullishness

Major support – 0.9790

Pattern formed - Falling Wedge

USD/CHF has once shown a declined after showing a minor recovery till 0.99082 and started to decline. It hits intraday low of 0.98298 and is currently trading around 0.98309. The Swiss franc was trading higher for past three trading session on account of global stock market turmoil which increased demand for safe haven assets like yen ,gold and Swiss Franc . But slightly dovish comments from Fed Chairman Powell is putting pressure on US dollar. broad based US dollar buying after New year is putting pressure on Swiss franc. It is currently trading around 0.98703.

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 0.9925 (falling wedge break out resistance) and any close above will take the pair till 0.9965/1.0010. The pair should break above 1.0010 for further jump till 1.00680/1.0125.

It is good to sell on rallies around 0.9865-70 with SL around 0.9910 for the TP of 0.9790.