FxWirePro: USD/CHF approaching resistance level at 0.9840, buy deals are recommended above 0.9810

 

USD/CHF pair is approaching resistance level 0.9840, the support level 0.9815 is set hold the bears and push pair further up.

The pair is currently trading around 0.9835 levels. It is expected to, advance further towards 0.9850 and later 0.9880 levels in the short term. The Swiss Franc is broadly weaker against the dollar in the short term due to broader dollar strength across the board ahead of non-farm payrolls on Friday.

Major resistance is located at 0.9851 (23.6% Retracement level), a break above at this level will open the door to 0.9900 levels. To the downside, immediate support can be seen at 0.9815 (38.2% Retracement level)

Recommendation: We prefer long above 0.9810 with targets 0.9860 & 0.9880, SL 0.9750

Resistance Levels

R1: 0.9840 (Aug 6^th high)

R2: 0.9851 (23.6% Retracement level)

R3: 0.9900 (March 20th high)

Support Levels

S1: 0.9815 (38.2% Retracement level)

 S2: 0.9787 (Aug 5^th high)

S3: 0.9760 (61.8% Retracement level of 0.9667 to 0.9908)