Major resistance- 0.99525
USDCHF is consolidating in a narrow range between 0.9865 and 0.99175 for the past two trading days. The easing trade war tension US-China has increased demand for riskier assets. US bond yield recovered more than 13% from 3 year low. Fed Chairman Powell was highly optimistic about the US economy and repeating several times that the most likely outlook for the economy remains favorable and downplayed chance of recession. The pair hits an intraday high of 0.99175 and is currently trading around 0.99002.
The near term support is around 0.9850 (55 4H EMA) and any violation below will drag the pair till 0.9800/0.9770/0.9715.
The decline from 1.02369 will get over at 0.9660 only if the pair closes above 0.99525 (200- day MA). The minor resistance is around 0.9905/0.99290.
It is good to buy on dips around 0.9858-60 with SL around 0.9800 for the TP of 0.9950.
