Major resistance - 0.99525
USDCHF is consolidating in a narrow range between 0.99462 and 0.9855 for the past three trading days. The escalation of geopolitical tension in the Middle East after a drone attack in Saudi. It has halted more than 50% of Saudi oil exports and 5% of the world's daily production. Markets eye US fed monetary and SNB monetary policy for further direction. It is currently trading around 0.99076.
On the flip side near term support is around 0.9850 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 0.9918-200 with SL around 0.99525 for the TP of 0.9800.
