FxWirePro: USD/CHF approaching support level at 0.9596, bullish in the short term

 

 

• USD/CHF pair is approaching support level 0.9596 (61.8% Retracement level), the support level at 0.9596 is set hold the bears and push pair further up.

• The pair is currently trading around 0.9608 levels. It is expected to, advance further towards 0.9630 and later 0.9670 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 0.9633(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 0.9596(61.8% Retracement level).

 

Recommendation: We prefer long above 0.9600 with targets 0.9635 & 0.9670, SL 0.9520

Resistance Levels

R1:0.9633(38.2% Retracement level)

R2:0.9647 (July 21st high)

R3:0.9656 (23.6% Retracement level)

Support Levels

S1: 0.9596(61.8% Retracement level)

S2: 0.9578(July 24^rd lows)             

S3: 0.9560 (July 22^nd lows)