FxWirePro: USD/CHF approaching support level at 0.9784, buy deals are recommended above 0.9785

 

• USD/CHF pair is approaching support level 0.9784 (61.8% Retracement level), the support level 0.9785 is set hold the bears and push pair further up.

• The pair is currently trading around 0.9805 levels. It is expected to, advance further towards 0.9850 and later 0.9890 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.

• Major resistance is located 0.9890 (Aug 10th high) , a break above at this level will open the door to 0.9950 levels. To the downside, strong support can be seen at 0.9768 (Aug 6^th lows).

Recommendation: We prefer long above 0.9785 with targets 0.9850 & 0.9890, SL 0.9700

Resistance Levels

R1: 0.9822 (Aug 7^th high)

R2: 0.9860 (32.8% Retracement level)

R3: 0.9890 (Aug 10th high)

Support Levels

S1: 0.9784 (61.8% Retracement level of 0.9660 to 0.9982)

S2: 0.9768 (Aug 6^th lows)

S3:0.9756 (Aug 5^th lows)