USD/CHF Facing Resistance Near 0.9800 Area
During the Asian session on Monday, the USD/CHF
pair has been witnessing some minor profit taking move from nearly
0.9800 mark touched on Friday and is currently trading at 0.9765, close
to its immediate support near 0.9750 round figure.
Last week, the pair surged to 0.9800 mark from early Monday lows of 0.9585 to register second consecutive week of smart gains. Earlier during the month, the pair had dropped below 0.9500 mark for the first time since Oct. 2015.
Technical levels to watch
From current levels, extended weakness back below 0.9750 immediate support could potentially drag the pair back towards 0.9700 mark and even lower towards 0.9680-75 strong horizontal support.
On the upside, the pair might continue to face strong resistance near 0.9775-85 area, which if conquered seems to trigger a fresh leg of up-move. Beyond 0.9775-85 resistance, the pair seems all set to surpass 0.9825 and continue trending higher towards its next major resistance near 0.7880 area.