FxWirePro: Swiss franc trades higher against USD on North Korea missile launch, good to sell on rallies

• USD/CHF has shown a minor decline from the high of 0.97050 made yesterday. The pair hits intraday low of 0.96127 and jumped slightly from that level. It has broken yesterday high of 0.96605 and is currently trading around 0.96307.
   
• In the monetary policy meeting yesterday SNB has kept its deposit rates unchanged at -0.75% and target range for the three-month Libor stayed at 1.25% and -0.25%. The EURCHF has reached highest level since SNB floor abandoned and appreciated against USD. It has significantly reduced the over valuation of the currency. The central bank would actively intervene in the market if needed.
   
• The pair hits the high of 0.97050 and shown minor dip. Short term trend is still bullish as long as support 0.9535 holds. Any break below will drag the pair down till 0.9525/0.9480/0.9420. Overall bearish continuation can be seen only below 0.9420.The minor support is around 0.9590 (20- day MA)/0.9550.
• The near term resistance is around 0.9700 and any convincing break above will take the pair to next level till 0.97730/0.9808.

It is good to sell on rallies around 0.9680 with SL around 0.9725 for the TP of 0.9615/0.9580.