FxWirePro: USD/CHF approaching support level at 0.9550, bullish in the short term

 

 

• USD/CHF pair is approaching support level 0.9550 (38.2% Retracement level), as long as the pair trades above 0.9500 levels the pair will n in bulls control.

• The pair is currently trading around 0.9573 levels. It is expected to, advance further towards 0.9600 and later 0.9650 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 located at 0.9648, a break above at this level will open the door to 0.9700 levels. To the downside, immediate support can be seen at 0.9550 levels.

 

Recommendation: We prefer long above 0.9540 with targets 0.9600 & 0.9640, SL 0.9410

Resistance Levels

R1:0.9590(23.6% Retracement level)

R2:0.9630 (July 22 high)

R3:0.9648 (July 21^st high)

Support Levels

S1: 0.9552(38.2% Retracement level of 0.9396 to 0.9648)

S2: 0.9522 (July 23^rd lows)            

S3: 0.9492 (61.8% Retracement level)