FxWirePro: Buy USD/CHF breaks resistance at 0.9478, bullish in the short term

 

• USD/CHF pair fell has broken resistance at 0.9478 levels, the pair is bouncing above to advance further towards 0.9490 levels.

• The pair is currently trading around 0.9485 levels. It is expected to, advance further towards 0.9500 and later 0.9550 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 0.9503, a break above at this level will open the door to 0.9522 levels. To the downside, immediate support can be seen at 0.9457.

Recommendation: We prefer long above 0.9400 with targets 0.9480 & 0.9500, SL 0.9350

Resistance Levels

R1:0.9494            

R2:0.9503 (38.2% Retracement level of 0.9428 to 0.9550)

R3:0.9522 (23.6% Retracement level)

Support Levels

S1: 0.9457

S2: 0.9446                           

S3: 0.9432