USDCHF has recovered sharply from low of 1.01250 and jumped more than 50 pips. The pair was trading weak for past 1-week and lost more than 100 pips from high 1.02369 highest level since Apr 2017. Fed has kept its rates unchanged and it was optimistic about US economic growth and mentioned that rates to be lower till 2019 on weak inflation.Traders got slightly disappointed as they are looking for hint of rate cut. It hits intraday high of 1.01847 and is currently trading around 1.01808.
The pair is trading above major resistance 1.01750 and a confirm jump till 1.02350/1.02500 is likely.
The near term support is around 1.01570 and any violation below will drag the pair to next level till 1.01250. Any break below 1.01250 confirms minor trend reversal and a dip till 1.0070/1.000 is possible.
It is good to buy on dips around 1.01700 with SL around1.01400 for the TP of 1.02500/1.02900.
