Major support- 0.9690
USDCHF has formed a double bottom near 0.9690 and shown a minor jump to 0.97578. The escalation of the US and China trade war has been supporting Swiss franc. US labels China a currency manipulator The Chinese Yuan was trading lower and hits level 7 against USD lowest in a decade. US dollar index has shown a minor recovery of 50 pips after hitting a low of 97.21. Any major trend reversal only above 99.
US 10 year bond yield recovered more than 4% after hitting a low of 1.69%. It is currently trading around 1.74%.
The near term resistance is around 0.9800 and any violation above will take the pair to next level till 0.9880/0.9926. Minor trend reversal only above 0.99785. Any break above 0.9978 targets 1.00146.
On the flip side, near term support is around 0.9690 and any convincing break below targets 0..9635/0.9600.
It is good to buy on dips around 0.9730-35 with SL around 0.96900 for the TP of 0.9865.
