USDCHF continues to rise in the past two trading session especially after ECB policy meeting. The dovish tone by the European Central Bank is having a more negative impact on Swiss Franc. It has kept its interest rates unchanged and hinted at the stimulus package next meeting. The pair hits 2-week high at 0.99202 and is currently trading around 0.99156.
Markets eye US advance GDP q/q for further direction. US GDP is expected to slow down a bit on account of a trade war (1.8% compared to the previous 3.1%).
The near term resistance is around 0.9920 and any violation above will take the pair to next level till 0.99515 (Jul 9th high)/1.00150. Minor trend reversal only above 1.00150.
On the flip side, near term support is around 0.9860 and any convincing break below targets 0.9800/0.9755.
It is good to buy on dips around 0.9900 with SL around 0.9860 for the TP of 1.000.
