FxWirePro: USDCHF hits 2-week low, dip till 0.9958 likely

USDCHF continues to trade lower for past one week and hits 2-week low around 0.99972.The pair has formed temporary top around 1.01242 on Mar 7th 2019. The decline was mainly due to broad based selling in US dollar. US dollar index has lost more than 100 pips after hitting high of 97.71 almost a double top. Markets eye US FOMC policy meeting and SNB policy this week for further direction. The Swiss central bank will be announcing its quarterly decision on Thursday and expected to remain dovish as usual as Swiss inflation remains tepid. It is currently trading around 1.00020.

On the higher side, near term resistance is around 1.0030 and any violation above targets 1.0060/1.010/1.01285. Any break above 1.01285 confirms that bear trend has stopped around 0.97162 and jump till 1.0175/1.0340 is possible.

The near term support is around 0.9975 (50- day MA) and any break below will take the pair to next level till 0.9919 (200- day MA)/0.9850.

It is good to sell on rallies around 1.0030-325 with SL around 1.0060 for the TP of 0.9976/0.9958/0.9920.