FxWirePro: USD/CHF declines slightly on flattening of US yield curve, good to sell on rallies
Chart pattern- Triple top USD/CHF is consolidating in narrow range between 0.99477 and 1.00378 for the past ten trading session. The pair declined slightly on flattening of yield curve and geopolitical uncertainty. But i…
USD/CHF is consolidating in narrow range between 0.99477 and 1.00378 for the past ten trading session. The pair declined slightly on flattening of yield curve and geopolitical uncertainty. But it should break above 1.0040 for further bullishness. It is currently trading around 0.99789.
Technically, intraday trend is mildly weak, a dip till 0.9938 (Oct 30th low) is likely. Any break below will drag the pair to next level till 0.98948 (23.6% fibo and trend line support). Short term trend is still bullish as long as support 0.98950 holds. Long term weakness only below 0.9705.
The major resistance is around 1.0040 and any break above will take the pair to next level till 1.0100/1.0174. Short term trend reversal can be seen below 0.9705. Overall weakness only below 0.9420.
Major economic data to be released are US Initial jobless claims and SNB Chairman speaks.
It is good to sell on rallies around 0.9980-0.9985 with SL around 1.0010 for the TP of 0.9941/0.9900.
