The USD/CHF rebounded after finding support at 0.9885 in the early European session and further advanced after the release of core durable goods data from US market. However, the pair after finding minor resistance at 0.9925 has declined to trade around 0.9915 levels.
- The short term picture depicts more bullish trend for this pair, as the pair is supported by rising trend line in 1 hour chart, the relative index is slightly pointing upwards at 59, the 55, 30 and 20 MA's is indicating slightly upward momentum in 1 hour chart. Overall the technical indicators are depicting upside for this pair in the short term.
- To the upside, the strong resistance can be seen at 0.9975, a break above this level would take the pair towards next resistance level at 1.0000.
- To the downside immediate support can be seen 0.9910, a break below this level will take the pair to next level at 0.9860.
Recommendation: Go long around 0.9860, targets 0.9950, 1.0035, SL 0.9780
Support levels: S1-0.9910, S2-0.9885, S3 -0.9860
Resistance levels: R1- 0.9942, R2-0.9975, R3-1.0000
