FxWirePro: USD/CHF approaching resistance level at 0.9881, buy deals are recommended above 0.9840

 

USD/CHF pair is approaching resistance level 0.9881 (Aug 7^th high), the support level 0.9840 is set hold the bears and push pair further up.

The pair is currently trading around 0.9860 levels. It is expected to, advance further towards 0.9890 and later 0.9930 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 after non-farm payrolls data release.

Major resistance is located at 0.9900 (psychological level), a break above at this level will open the door to 0.9950 levels. To the downside, immediate support can be seen at 0.9840 (Aug 6 high).

Recommendation: We prefer long above 0.9840 with targets 0.9890 & 0.9930, SL 0.9750

Resistance Levels

R1: 0.9881 (Aug 7^th high)

R2: 0.9900 (March 20th high)

R3: 0.9935 (Jan 1^st high)

Support Levels

S1: 0.9840 (Aug 6^th high)

 0.9815 (38.2% Retracement level)

 S2: 0.9787 (Aug 5^th high)