USD/CHF shown a recovery of more than 70 pips from low of of 0.99175 The pair was trading slightly weak yesterday after dovish Fed Chairman statement. Fed Chairman Powell said that interest rates are below “neutral level” and this indicates that Fed will pause the rate hike for a while. The US dollar recovered sharply after yesterday’s fall on account of Trump and Xi meeting in G20 summit. It has formed temporary top around 1.00058 and is currently trading around 0.9980.
On the lower side, near term support is around 0.9950. Any violation below targets 0.9912 (89- day EMA). Any daily close below confirms further weakness.
The major resistance is around 1.00012 (200- 2H MA) and any break above targets 1.00680/1.0125. The pair should break above 1.0130 for the further bullishness.
It is good to buy on dips around 0.9945-50 with SL around 0.9900 for the TP of 1.00680.
