Major resistance- 0.9998 (50- day MA)
USDCHF is consolidating in narrow range for past two weeks between 0.98944 and 1.000. It is struggling to close above parity level. US dollar has halted its long winning streak on account of profit booking and rise in US bond yield. US 10 bond yield was trading lower and hits 14 month low at 2.34% and yield curve also got inverted (3 month and 10 year). The pair hits low of 0.99539 yesterday and is currently trading around 0.99870. With no major economic data to be released today market eyes US Non farm payroll data for further direction.
On the higher side,1.000 is acting as near by resistance and any break above will take the pair till 1.0030/1.00680/1.010.
The near term support is around 0.9950 and any break below targets 0.9900/0.9860.
It is good to buy on dips around 0.9965-70 with SL around 0.9920 for the TP of 1.00680.
