FxWirePro: Buy USD/CHF above 0.9458, up trend to continue further

 

• USD/CHF failed to break resistance at 0.9513 (23.6% Retracement Level), and is moving to test support level at 0.9460.  The pair is set to continue its bullish momentum in the short run.

• The pair is currently trading around 0.9484 level, it is expected to advance further towards 0.9530 and later 0.9580 handle in the short term. The Swiss Franc is broadly weaker against the dollar in the short term, due to US dollar demand as safe heaven amid Greece crisis.

• Major resistance is seen at 0.9513(23.6% Retracement Level), a break above this level will open the door to 0.9570 level. To the downside, immediate support can be seen at 0.9460, a break below this level will expose the cable to 0.9410 level.

Recommendation: We prefer long above 0.9460 with targets 0.9530 & 0.9580, SL 0.9380

Resistance Levels

R1: 0.9513(23.6% Retracement Level)    

R2: 0.9570

R3: 0.9598

Support Levels

S1:0.9460                            

S2: 0.9410

S3: 0.9386