- USD/CHF pair fell briefly towards 0.9390 levels after US retail data release, the pair is bouncing back above to advance further towards 0.9450 levels.
- The pair is currently trading around 0.9429 levels. It is expected to, advance further towards 0.9460 and later 0.9500 in the short term. The Swiss Franc is broadly weaker against the dollar in the short term due to due to broader dollar demand across the board.
- Major resistance is seen at 0.9430, a break above at this level will open the door to 0.9450 levels. To the downside, immediate support can be seen at 0.9391 (61.8% Retracement level).
Recommendation: We prefer long above 0.9400 with targets 0.9480 & 0.9500, SL 0.9350
Resistance Levels
R1: 0.9430 (61.8% Retracement level of 0.9328 to 0.9595)
R2:0.9462
R3:0.9494 (38.2% Retracement level)
Support Levels
S1: 0.9391 (61.8% Retracement level of 0.9328 to 0.9595)
S2: 0.9365
S3: 0.9328
