USDCHF has halted its 7 days of a winning streak and lost more than 50 pips from the high of 0.98870 made yesterday. The pair has formed a temporary bottom around 0.96900 and shown good recovery of nearly 195 pips on easing trade war tension. For the past 1-1/2 month Swiss franc was one the best performing asset due to Safe-haven demand. The pair hits intraday low of 0.98345 and is currently trading around 0.98580.
On the flip side, near term support is around 0.9835-40 (300- H EMA) and any violation below that level on an hourly basis will drag the pair to the next level till 0.9790/0.9760/0.9690. Any bearish continuation only below that level.
The near term resistance is at 0.9890 high made yesterday and any break above the high will take the pair till 0.9920 (161.8% fib 0.98870 and 0.98345)/0.9945. Any close above 0.9975 targets 1.0025.
Economic data for the day
12:15 GMT US ADP Non-Farm Employment
2:00 GMT US ISM services PMI
It is good to buy on dips around 0.9830-35 with SL around 0.9778 for the TP of 0.9935.
