FxWirePro: USDCHF struggles to hold above parity level, markets eye Fed 

USDCHF has shown a minor jump above parity level and started to decline after hitting high of 1.00128. The renewed trade hopes between the US and China came after US President tweeted that he will be meeting Chinese President Xi Jinping in the G-20 meeting. This has slightly reduced demand for safe-haven assets like Gold, Swiss franc and yen. The next major up move is possible only after the Fed policy meeting. According to the market, the rate cut is going to happen in July. The probability of rate cut in July was more than 85%, according to CME Group's FedWatch tool.

On the higher side, major resistance is around 1.0028 (55- day EMA) and any convincing break above targets 1.0050/1.010. Any major bullishness only above 1.0120.

 The major trend reversal can happen only below 0.9960 (200-day MA) and any violation below will drag the pair till 1.0050/1.010.

It is good to buy on dips around 1.000 with SL around 0.9960 for the TP of 1.010.