Major trend reversal level: 1.0030
Intraday Outlook
USDCHF trend for the day is weak as long as resistance 0.9925 (200- H MA) holds. Any violation above will take the pair to next level till 0.99525/0.9978. On the flip side, near-term support is around 0.9870, break below will drag the pair further down till 0.9840/0.9800.
In the broader picture, the medium-term outlook for the pair is weak as long as resistance 1.0030 holds. It should break convincingly above this level for the next jump till 1.0060/1.0100. Long term reversal only above 1.02369.
The short-term support for this pair stands at 0.9800, below that level targets 0.96598. Long term bearish continuation only below 0.96590.
It is good to sell on rallies around 0.9918-20 with SL around 0.9978 for the TP of 0.9800.
