FxWirePro: Buy USD/CHF approaching resistance at 0.9572, bullish in the short term

 

• USD/CHF pair is approaching to test resistance level 0.9572 levels, the pair is attempting to break resistance and advance further towards 0.9600 levels.

• The pair is currently trading around 0.9569 levels. It is expected to, advance further towards 0.9620 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 seen at 0.9572, a break above at this level will open the door to 0.9600 levels. To the downside, immediate support can be seen at 0.9527.

Recommendation: We prefer long above 0.9540 with targets 0.9620 & 0.9640, SL 0.9350

Resistance Levels

R1:0.9572 (38.2% Retracement level of 0.9333 to 0.9720)              

R2:0.9629(23.6% Retracement level)

R3:0.9675

Support Levels

S1: 0.9527

S2: 0.9481 (61.8% Retracement level)    

S3: 0.9427