FxWirePro: USD/CHF approaching support level at 0.9598, upside prevails

 

• USD/CHF pair is approaching to test support level at 0.9598 levels (61.8% Retracement level), the support level at 0.9594 is set to hold the bears and push the pair further towards 0.9620 and 0.9657 levels in the short term.

• The pair is currently trading around 0.9603 levels. The Swiss Franc is broadly weaker against the dollar, due to stronger demand for Dollar across the board.

• Major resistance is seen at 0.9641 (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 0.9598.

Recommendation: We prefer long above 0.9575 with targets 0.9630 & 0.9660, SL 0.9450

Resistance Levels

R1:0.9619

R2:0.9641(38.2% Retracement level)

R3:0.9667 (23.6% Retracement level)

Support Levels

S1: 0.9598 (61.8% Retracement level of 0.9530 to 0.9710)

S2: 0.9572

S3: 0.9555