FxWirePro: USD/CHF approaching resistance at 0.9627, upside prevails

 

• USD/CHF pair is approaching to test resistance level at 0.9657 levels, the pair has broken resistance at 0.9594and is advance further towards 0.9657 levels.

• The pair is currently trading around 0.9627 levels. It is set to, advance towards 0.9650 and later 0.9680 in the short term.

•  The Swiss Franc is broadly weaker against the dollar, due to stronger demand for Dollar across the board.

• Major resistance is seen at 0.9657 (38.2% Retracement level), a break above at this level will open the door to 0.9650 levels. To the downside, immediate support can be seen at 0.9594.

Recommendation: We prefer long above 0.9575 with targets 0.9630 & 0.9660, SL 0.9450

Resistance Levels

R1:0.9657 (38.2% Retracement level 0.9330 to 0.9860)

R2:0.9690

R3:0.9737 (23.6% Retracement level)

Support Levels

S1: 0.9594

S2: 0.9531 (61.8% Retracement level)

S3: 0.9494