FxWirePro: USDCHF declines on trade war tension, good to sell on rallies

USDCHF has has once again declined after showing a jump above 1.02000 on Friday. US economy has added 263000 jobs in Apr compared to forecast of 181K and unemployment declined sharply from 3.8% to 3.6%. USD Index jumped till 98.10 but started to decline on slight weakness in average hourly earnings which came at 0.2% compared to estimate of 0.3%. It hits high of 1.02144 and is currently trading around 1.01618.

The pair is facing strong resistance around 1.02500 and any violation above will take the pair to next level till 1.02900/1.0340 is likely.

The near term support is around 1.01570 and any violation below will drag the pair to next level till 1.01250. Any break below 1.01250 confirms minor trend reversal and a dip till 1.0070/1.000 is possible.

It is good to sell on rallies around 1.0185-90 with SL around 1.0235 for the TP of 1.0100/1.0070.