USDCHF has halted its two days of continuous selling and shown a minor recovery from the low of 0.98998. Swiss franc was trading higher for past two day against all majors on increasing safe demand . The global sell-off and Brexit uncertainty has increased demand for safe haven. Swiss franc has lost more than 100 pips in previous week on slightly dovish SNB monetary policy. Markets eye US fed monetary policy for further direction. Fed is expected to increase interest rate by 25 basis point and to signal pause on further increase. It is currently trading around 0.99268.
The near term major resistance is around 0.9943 (55-EMA) and any convincing break above targets 1.0010/1.00680. Any violation above 1.013 confirms minor trend reversal.
On the lower side ,support is around 0.9920 and any violation below will take the pair to next level till 0.9900/0.9880/0.9845.
It is good to buy on dips around 0.9900 with SL around 0.9860 for the TP of 1.010.
