Major resistance- 0.9975
USDCHF lost more than 100 pips after US President Trump has planned to impose 10% tariff on $300 billion Chinese goods. This has increased demand for Safe-haven assets like Swiss Franc and yen. US ISM manufacturing data came in at 51.2 from 51.7 in June compared to a forecast of 51.9 lowest reading since Aug 2016.
Markets eye US NFP data for further direction. US economy is expected to add 170k jobs in Jul compared to 224k and average wages to grow at 0.2%.
The near term resistance is around 0.9880 and any violation above will take the pair to next level till 0.99260/0.99785. Minor trend reversal only above 0.99785. Any break above 0.9978 targets 1.00146.
On the flip side, near term support is around 0.9850 and any convincing break below targets 0.9800/0.9690.
It is good to sell on rallies around 0.9880 with SL around 0.9925 for the TP of 0.9800.
