FxWirePro: USD/CHF approaching resistance level at 0.9530, buy deals are recommended above 0.9550

 

• USD/CHF pair is approaching support level 0.9530, the support level at 0.9530 is set hold the bears and push pair further up.

• The pair is currently trading around 0.9570 levels. It is expected to, advance further towards 0.9600 and later 0.9650 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.

• Major resistance is located at 0.9758 (23.6% Retracement level), a break above at this level will open the door to 0.9800 levels. To the downside, immediate support can be seen at 0.9678 (61.8% Retracement level).

Recommendation: We prefer long above 0.9550 with targets 0.9600 & 0.9650, SL 0.9440

Resistance Levels

R1: 0.9601 (38.2% Retracement level)

R2: 0.9647(23.6% Retracement level)

R3: 0.9670 (July 28th  high)

Support Levels

S1: 0.9531 (61.8% Retracement level)

 S2: 0.9509 (July 7^th lows)

S3: 0.9484 (July 13th high)