USDCHF has broken major resistance 0.9960 after a long consolidation and jumped till 0.99980 at the time of writing. The jump was mainly sue to broad based US dollar buying. US dollar index has jumped more than 100 pips from low of 96.45 level. The Swiss franc has started to trade slightly lower after SNB has kept its rates unchanged and said that exchange rate is high. It will intervene in currency market if Swiss Franc strengthens further. But geopolitical tension and trade war is expected to support Swiss franc at higher levels. It is currently trading around 0.99909.
On the higher side, near term resistance is around 1.000 level and any break above targets 1.0050/1.010.Any major bullishness only above 1.0120.
The major trend reversal can happen only below 0.9960 (200-day MA) and any violation below will drag the pair till 1.0050/1.010.
It is good to buy on dip around 0.9985-90 with SL around 0.9945 for the TP of 1.0050/1.010.
