- USD/CHF has formed temporary top at 1.00378 on Friday and is showing a minor selling from the high. The pair declined till 0.99380 and is currently trading around 0.99640.
- US consumer spending data released yesterday beats street expectations. It came at 1% compared to forecast of 0.9% and Personal income rose 0.4% in Sep form 0.2% in Aug. Swiss KOF leading indicator rose to 109.1 compared to forecast of 106.50 level.
- Technically, near term support stands at 0.9930 (61.8 retracement of 0.9865 and 1.00378) and any break below will drag the pair to next level till 0.9900/0.9870 (233- H MA).
- The major resistance is around 1.000 and any break above will take the pair to next level till 1.0040/1.0100. Short term trend reversal can be seen below 0.9705. Overall weakness only below 0.9420.
It is good to buy on dips around 0.9935-0.9940 with SL around 0.9870 for the TP of 1.0038/1.0100.
