Trend line support- 0.96900 (trend line joining 1.0050 and 0.9853)
USDCHF has halted its 2-months of losing streak and pair has lost more than 500 pips from its high. The decline was mainly due to broad-based S dollar selling on the dovish Fed and escalation of tension between US-Iran. Yesterday it has formed bottom around 0.9690 and shown a more than 50 pips recovery.
The near term major resistance for the intraday is around 0.97650-0.9770 (55- HEMA and 23.6% fib) and any violation above confirms minor bullishness and a jump till 0.9835-0.9840 possible. Any break above 0.9845 (200- day MA) only confirms that a decline from 1.02350 got completed at 0.96900.
On the flip side, near term support is around 0.9690 and any violation below targets 0.9635/0.9600.
It is good to buy on dips around 0.9740-425 with SL around 0.9690 for the TP of 0.9835.
