FxWirePro: USD/CHF consolidates in narrow range, break above 1.000 confirms further bullishness

USD/CHF has once again recovered sharply after hitting low of 0.9895. It hits high of 0.99750 and started to decline from that level. US dollar index was trading higher and has jumped more than 100 pip after breaking major resistance at 95.65. The rise in geopolitical tensions due to Turkey is supporting Swiss franc. The Turkish lira hits new record low in the Asian trade after Donald Trump approved to double metals tariffs on Turkey. USDTRY hits high of 7.016 at the time of writing and is currently trading at 6.920.The policy divergence will prevent the downside of USD/CHF.

The near term resistance is around 0.99780 and any break above will take the pair to next level till 1.000/1.00680. Any bullish continuation only above 1.00680.

On the lower side, minor support is around 0.9920 and any violation below will drag the pair down till 0.9900/0.9860/0.9835 (100- day MA)/0.9780 (Jun 7th 2018 low)/0.9755.

It is good to buy on dips around 0.9915-20 with SL around 0.9870 for the TP of 1.000/1.00680.