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Short USDCHF: Sell on rallies (upside capped by 89- day EMA) | March 27, 2019
Major support - 0.9900
USDCHF has shown a minor jump of more than 50 pips from yesterday’s high of 0.99158. It hits high of 0.99663 for the day and shown a minor decline.It has lost more than 200 pips from top formed around 1.01245 on account of broad based US dollar selling and Brexit uncertainty. Global markets shown a major sell-off on Monday on declining US yield and yield curve inversion which has increased demand for safe haven like gold , yen etc. It is currently trading around 0.99446.
On the higher side, 0.9968 (89- day EMA ) is acting as near by resistance and any break above will take the pair till 0.9995 (50- day MA)/1.0030/1.0060.
The near term support is around 0.9900 and any break below targets 0.9860/0.9785.
It is good to sell on rallies around 0.9955-60 with SL around 1.000 for TP of 0.98000.
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