USD/CHF trades weak on Brexit fears, targets 0.9660
Swiss franc has gained significantly after Brexit fears looms. It has recovered after making a low of 0.99510 yesterday.
The poll conducted by Ipos Mori of more than 4,000 Britons shows that 45% wants to leave EU while 42% wants to stay in EU. The poll result indicates the shift in favour of leave compared to 51% remain and 49% leave EU in the past six polls.
The Swiss franc is considered to safe haven currency during market turmoil and is expected to rally strongly on Brexit but relatively stable in the case Brexit fails.
Technically major support is around 0.9840 (200 day MA) and any break below will drag the pair down till 0.9787/0.9700/0.9660 level.
On the higher side resistance is around 0.9960 and any break above targets 1.000/1.00925/1.0140.
Overall bearish invalidation only above 1.03285.
It is good to sell on rallies around 0.9900 with SL around 1.000 for the TP of 0.9750/0.9660
The poll conducted by Ipos Mori of more than 4,000 Britons shows that 45% wants to leave EU while 42% wants to stay in EU. The poll result indicates the shift in favour of leave compared to 51% remain and 49% leave EU in the past six polls.
The Swiss franc is considered to safe haven currency during market turmoil and is expected to rally strongly on Brexit but relatively stable in the case Brexit fails.
Technically major support is around 0.9840 (200 day MA) and any break below will drag the pair down till 0.9787/0.9700/0.9660 level.
On the higher side resistance is around 0.9960 and any break above targets 1.000/1.00925/1.0140.
Overall bearish invalidation only above 1.03285.
It is good to sell on rallies around 0.9900 with SL around 1.000 for the TP of 0.9750/0.9660
