FxWirePro: Buy USD/CHF above 0.9382, up trend to continue further

• USD/CHF pair is set continue its bullish bias in the short run. The pair is moving upwards to test resistance level at 1.24117.

• The pair is currently is trading at 1.2390, It is expected to advance further towards 1.2411 and later 1.2440 handle Swiss Franc is  broadly weaker against the dollar in the short term due to due to Greece crisis.

• Today, the key focus will be on Greece crisis, which has again taken central point in the market. The concerned parties failed to agree to any kind of solution on Wednesday. Euro group will be meeting third time at 7:00(EST) in Brussels. The Eurogroup will probably try to bring the two parties Greece and its creditors with the intention of breaking a deal. 

• Core PCE Price Index (MoM),Initial Jobless Claims, Personal Income (MoM),Service PMI (June) is due from the US market later in the day. Due to the following events the market is expected to be volatile, traders should trade this pair with caution.

• Major resistance is seen at 0.9418, a break above this level will open the door to 0.9345 level. To the downside, immediate support can be seen at 0.9367 break below this level will expose the cable to 0.9324 level.

Recommendation: We prefer long above 0.9382 with targets 0.9430 & 0.9460, SL 0.9270

Resistance Levels

R1: 0.9418(23.6% Retracement Level)    

R2: 0.9450

R3: 0.9499

Support Levels

S1:0.9367                                            

S2:0.9324

S3:0.9283(61.8% Retracement Level)