Major resistance - 0.9860
USDCHF is in a range bound between 0.97750 and 0.98210 for the past three trading days. The overall trend is on the upside on global stock market recovery due to hopes of fresh stimulus from major economies like China and Germany. Markets eye US FOMC minutes and Jackson Hole symposium for further direction. The slight easing in trade tension has reduced demand for Safe-haven assets like yen and Swiss franc. It is currently trading around 0.97938.
US dollar index has recovered slightly after hitting low off 97.96 and any minor weakness only below 97.80. In the short term, it is expected to reach 98.93 high made on Aug 1st, 2019.
On the higher side, near term resistance is around 0.9820 and any convincing break above will take the pair till 0.9865/0.9900. The major trend reversal only above 0.9980.
The near term support is around 0.9770 and any violation below will drag the pair to the next level till 0.9720/0.9690. Any major weakness below 0.9660.
It is good to buy on dips around 0.9770 with SL around 0.9740 for the TP of 0.9900.
