Major resistance - 0.99525
USDCHF has lost nearly 80 pips after hitting a high of 0.99467. The main reason for the decline is due to broad-based US dollar selling. US CPI came at 1.7% compared to an estimate of 1.8% y/y and weekly initial jobless at 204K vs forecast 205K. Markets eye US retail sales data which is to be released today for further direction. The pair hits low of 0.98596 and is currently trading around 0.9865.
On the flip side near term support is around 0.9840 and any violation below targets 0.9800/0.9770. Major trend reversal only below 0.9660.
The major resistance to be watched is 0.99525 (200- day MA) and any bullish continuation only above that level, break above targets 1.000/1.01500.
It is good to sell on rallies around 0.9908-100 with SL around 0.99525 for the TP of 0.9800.
