Chart Pattern- Descending Triangle pattern
Major support- 0.9980
USDCHF is consolidating in narrow range between 0.99847 and 1.00245 for past 1 week. The pair is struggling to close above parity level. DXY was trading weak and lost 35 pips after breaking major support 96.31. It is currently trading around 0.99996.
On the lower side, near by support is around 0.9980 and any break below will drag the pair to next level till 0.9950/0.9900. Minor weakness can be seen only below 0.9900.
The major near term resistance is around 1.0030 and any break above will take the pair to next level till 1.00680/1.010.
It is good to sell on rallies around 1.0010 with SL around 1.0030 for the TP of 0.9950/0.9900.
