USDCHF is consolidating after hitting 3 week low around 1.00499. The decline was mainly due to renewed trade tensions between US and China. The pair recovered slightly 50 pips after positive comments from Trump on trade talks. US President Trump told media that the dialogue with China is “very good” and relationship with Chinese President Xi Ping “extraordinary”. It hits low of 1.00499 and is currently trading around 1.00696.
On the higher side near term resistance is around 1.0100 and any break above will take the pair to next level till 1.01250/1.01750.
The major support is around 1.00435 (38.2% fib) and any violation below will drag the USDCHF till 1/0.9948 (200- day MA).
It is good to sell on rallies around 1.010 with SL around 1.0150 for the TP of 1.000/0.9948.
