The USD/CHF pair rallied initially towards 1.0047 levels after the release of Non-farm payrolls data from US market which printed positive figures, however after the market stabilized from the impact of the data release, the pair declined towards 0.9954 support level.
- The pair continues to remains under strong bulls control unless until it trades above 0.9915 levels, therefore it is good to buy this pair on dips.
- The pair is trading around 0.9960 levels and it is expected to advance further towards 1.0050 and later towards 1.0100 levels in the short term.
- To the upside, the strong resistance can be seen at 0.9995, a break above this level would take the pair towards next resistance level at 1.0043.
- To the downside immediate support can be seen 0.9954, a break below this level will take the pair to next level at 0.9915.
Recommendation: Go long around 0.9915, targets 1.0050, 1.0100, SL 0.9900
Resistance Levels
R1: 0.9995 (38.2% Retracement level)
R2: 1.0043 (23.6% Retracement level)
R3: 1.0077 (Jan 7th high)
Support Levels
S1: 0.9954 (50% Retracement level)
S2: 0.9915 (61.8% Retracement level)
S3: 0.9856 (Dec 30th lows)
