USDCHF is trading higher for 4th consecutive week after a massive jump of more than 150 pips in previous week. The pair has broken major resistance 1.0170 highest level since Mar 2019. The jump was mainly due to US-China trade optimism which has decreased the demand of safe haven assets like Yen,Swiss franc. It hits high of 1.0 . It is currently trading around 1.0180.
On the higher side, the pair has broken major resistance around 1.0170 and this confirms minor bullishness and a jump till 1.02500/1.0340.
The near term support is around 1.0125 (5-day MA) and any violation below will drag the pair till 1.0075/1.0050/1.000.
Momentum indicators RSI-75 (Over Bought). So minor decline till 1.0120 is possible
It is good to buy on dips around 1.01285 with SL around 1.00700 for the TP of 1.0250.
