FxWirePro: USD/CHF approaching support level at 0.9730, buy deals are recommended around 0.9710

 

• USD/CHF pair is approaching support level 0.9729, the support level 0.9700 is very strong to let the bears pass through is very unlikely, a strong rebound is expected soon to as dollar is set to gain strength due to strong US retail sales data further bolstering Fed's rate hike view .

• The pair is currently trading around 0.9740 levels. It is expected to, advance further towards 0.9800 and later 0.9850 levels in the short term.

• Major resistance is located 0.9790 (Aug 13^th high), a break above at this level will open the door to 0.9815 levels. To the downside, strong support can be at 0.9729 (Aug 14^th lows), a break below will open the gates towards 0.9675 levels.

Recommendation: We prefer long above 0.9710 with targets 0.9760 & 0.9820, SL 0.9620

Resistance Levels

R1: 0.9762 (61.2% Retracement level)

R2: 0.9790 (Aug 13^th high)

R3: 0.9815(38.2% Retracement level)

Support Levels

S1: 0.9729 (Aug 14^th lows)

S2: 0.9676 (Aug 12^th high)

S3:0.9642 (Aug 3^rd lows)