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

• USD/CHF is consolidating in narrow range between 0.9705 and 0.95650 for the past four trading session. The pair has formed a minor bottom at 0.95650 on Sep 15th 2017 and jumped slightly from that level. It is currently trading around 0.96270.
   
• Market awaits US Fed monetary policy meeting today for further direction. Fed is expected to keep its interest rates unchanged but investors will look for signals for normalization of balance sheet. The central bank will announce the plan for unwinding its $45 tn bond portfolio.
   
• 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 0.9655-0.9660 with SL around 0.9705 for the TP of 0.9560/0.9500