FxWirePro: USD/CHF approaching support level at 0.9607, bullish in the short term

 

 

• USD/CHF pair is approaching support level 0.9606, the support level at 0.9587 is set hold the bears and push pair further up.

• The pair is currently trading around 0.9613 levels. It is expected to, advance further towards 0.9640 and later 0.9670 levels in the short term. The Swiss Franc is broadly weaker against the dollar in the short and due to broader dollar demand across the board ahead of FOMC metings.

• Major resistance is located at 0.9651 (23.6% Retracement level) , a break above at this level will open the door to 0.9700 levels. To the downside, immediate support can be seen at 0.9607 (July 29^h lows).

 

Recommendation: We prefer long above 0.9610 with targets 0.9640 & 0.9670, SL 0.9540

Resistance Levels

R1: 0.9626 (38.2% Retracement level)

R2: 0.9634 (July 27th high)

R3: 0.9651 (23.6% Retracement level)

Support Levels

S1: 0.9607 (July 29^h lows)

 S2: 0.9598 (July 29^h lows)            

S3: 0.9588 (61.8% Retracement level)