Chart Pattern- Descending Triangle pattern
Major support- 0.9980
USDCHF is consolidating in narrow range between 0.99847 and 1.00245 for past 4 trading session. The pair is struggling to close above parity level. DXY was trading weak and lost more than 100 pips from minor top 97.37. It is currently trading around 1.00035.
On the lower side, near by support is around 0.9980 and any break below will drag the pair to next level till 0.9950/0.9900. Minor weakness can be seen only below 0.9900.
The major near term resistance is around 1.0030 and any break above will take the pair to next level till 1.00680/1.010.
It is good to sell on rallies around 1.0010 with SL around 1.0030 for the TP of 0.9950/0.9900.
Resistance
R1- 1.0030
R2 -1.00680
R3-1.010
Support
S1- 0.9980
S2- 0.9950
S3- 0.9900
