USDCHF is holding above 0.9800 on easing US and China trade war tension. Overall global market got slightly stabilized but still weak only due to trade war uncertainty and yield curve inversion. US 10-year and 2-year yield curve got inverted which increases chance of recession. It hits an intraday high of 0.98373 and is currently trading around 0.98069.
On the flip side, near term support is around 0.9770 and any violation will drag the pair to the next level till 0.9730/0.9690/0.9660. Any break below 0.9660 confirms bearish continuation.
The near term resistance is around 0.98030 and any break above will take the USDCHF till 0.9870/0.9925. The decline from 1.02369 will come to end only if USDCHF trades above 0.9980.
It is good to sell on rallies around 0.9835-40 with SL around 0.9900 for the TP of 0.9690.
