Major support – 0.9785
Pattern formed - Falling Wedge
USD/CHF is trading weak for 2nd consecutive day and lost nearly 90 pips. The reason for decline is broad based US dollar selling and dovish comments by Fed on Friday is supporting Swiss franc.Global stock market has shown a slight rebound from major sell-off and fear of further selling is prevailing in market. It hits low of 0.97878 and is currently trading around 0.98047.
The near term support is around 0.97900 and any break below will drag the pair to next level till 0.9735/0.96800//0.96500.
The near term resistance is around 0.9845 and any violation above targets 0.9870. The minor trend reversal will happen only above 0.9925 (falling wedge break out resistance) and any close above will take the pair till 0.9965/1.0010. The pair should break above 1.0010 for further jump till 1.00680/1.0125.
It is good to sell on rallies around 0.9865-70 with SL around 0.9910 for the TP of 0.9790.
