FxWirePro: USDCHF Short term Outlook
Major resistance - 0.9950
USDCHF trend is on the downside for the past two months with top around 1.02369 high made during Apr 2019. It has declined more than 500 pips and hits a low of 0.96938. The pair has recovered till 0.99515 on short-covering and is currently trading around 0.9879.
The near term resistance is around 0.9910 (0.99082 high made on Jul 12th and 0.99078 Jul 17th high) and any violation above will take the pair till 0.99520. Any minor jump can be seen only above 0.9952 and a jump till 1.000/1.00140 (Jun 19th high). The 2-month downward pressure will get relieved if it closes above 1.00140.
On the flip side, 0.9800 will be acting as major support and a dip till 0.9690 is possible
It is good to sell on rallies around 0.9900 with SL around 0.9950 for the TP of 0.9805.
