FxWirePro: USD/CHF consolidates in narrow range, good to sell on rallies

• USD/CHF was trading flat and shown a minor recovery from the low of 0.98286. The pair is consolidating below 78.6% retracement at 0.9975. The pair was trading low due to slight weakness in US dollar index.  US house passed Republican’s tax yesterday 227 to 203 and Donald Trump is now expected to sign tax bill into law. The pair hits high of 0.98715 yesterday and is currently trading around 0.98655.
   
• Market awaits major economic data such as US GDP, Philly Fed manufacturing and US jobless claims to be released today for further direction.
   
• On the higher side, near term resistance is around 0.99220 (trend line joining 0.9977 and 0.99345) and any break above will take the pair to next level till 0.9977 (Dec 8th 2017 high)/1.000. It should break above 1.0040 for short term bullishness.
   
• The near term support is around 0.9835 and any violation below that level will drag the pair to next level till 0.9810 (200 – day EMA)/0.9770/0.9735.

It is good to sell on rallies around 0.9875-0.9880 with SL around 0.9925 for the TP of 0.9810/0.97730.