FxWirePro: USD/CHF approaching support level at 0.9553, bullish in the short term

 

• USD/CHF pair is approaching support level 0.9553, the support level at 0.9529 is set hold the bears and push pair further up.

• The pair is currently trading around 0.9567 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 medium term due to broader dollar demand across the board.

• Major resistance is located at 0.9618, a break above at this level will open the door to 0.9650 levels. To the downside, immediate support can be seen at 0.9553 .

Recommendation: We prefer long above 0.9550 with targets 0.9590 & 0.95620, SL 0.9440

Resistance Levels

R1:0.9572(61.8% Retracement level)

R2:0.9683 (July 23rd high)

R3:0.9600(38.2% Retracement level)

Support Levels

S1: 0.9553

S2: 0.9529 (July 27^th lows)            

S3: 0.9497