USD/CHF has shown a good recovery above 0.9950 and hits intraday high of 0.99677. The minor recovery was mainly due to slight jump in global stock market. But overall trend is still uncertain and depends on today’s US Fed meeting and US-China trade talks. The pair is currently trading around 0.99598.
US Fed is expected to keep interest rate unchanged and any very dovish statement by Fed will drag the USD further down.
The near term major resistance is around 1.0010 and any convincing break above targets 1.0068/1.01300. Any break above 1.0130 confirms that pair has formed minor bottom at 0.97169.Intraday resistance is around 0.99680 (trend line resistance) and above that level targets 0.9990/1.0010.
On the lower side, near term support is around 0.9900 (200- day MA) and any break below targets 0.9840/0.9800.
It is good to sell on rallies around 0.9975-80 with SL around 1.0010 for the TP of 0.9845/0.9800.
