USDCHF is trading extremely weak and lost more than 150 pips on board based US dollar selling. US dollar index has lost more than 100 pips and broken major support 96.55 (200- day MA). The dovish Fed and escalation of Middle East tension are putting pressure on this pair. It hits an intraday low of 0.97525 and is currently trading around 0.97533.
Markets eye US President Trump and Chinese President Xi Jinping meeting in the G20 summit for further direction.
Technically, the pair is facing major support is around 0.97500 and any violation below will drag to the next level till 0.9716 (Jan 2019 low). Any violation below 0.9715 will take the pair to next level till 0.9635/0.9540.
The near term resistance is around 0.9835-45 (100 W MA and 200 W MA) and any trend reversal only above 0.9850 level. Break above 0.9850 targets 0.9900/0.9945.
It is good to sell on rallies around 0.9785-90 with 0.9850 for the TP of 0.9680/0.9635.
