USD/CHF -0.16% has shown a major selling yesterday on account of weak US dollar -0.15% . US dollar index -0.15% declined sharply after breaking major support at 94.25 ( trend line support) and hits low of 93.70 at the time of writing.
The Swiss franc 0.61% was trading higher against all major pair and hits high of 0.98743 after breaking trend line support and 20 –day MA at 0.9930. It is currently trading around 0.98793.
Technically, intraday trend is mildly weak, a further dip till 0.9850/0.9805 is likely. The pair’s near term support is around 0.9850 (233- day MA).Any break below will drag the pair to next level till 0.9805 ( 38.2% retracement of 0.9420 and 1.00390)/0.9770. Long term weakness only below 0.9705.
The major resistance is around 0.9930 (20- day MA) and any break above will take the pair to next level till 0.9980/1.000/1.0040. The near term resistance is around 0.9983 (10- day MA)/1.000.
It is good to sell on 0.9925-0.9930 with SL around 0.9970 for the TP of 0.9855/0.9805.
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