FxWirePro: USD/CHF is approaching resistance level at 0.9460, bias remains bearish

 

 

• USD/CHF pair is approaching has broken resistance level at 0.9420, and is approaching resistance level at 0.9460. The resistance level at 0.9460 is set to hold the bulls from advancing further, and push the pair below. The Swiss Franc has become broadly stronger against Dollar, as investors have turned to Swiss franc, as safe haven for their investments amid market turmoil.

• The pair is currently trading around 0.9424 levels. It is expected to, decline further towards 0.9400 and later 0.9350 levels in the short term.

• Major resistance is located 0.9460 (61.8% Retracement level), a break above at this level will open the door towards 0.9502 (Aug 21^st high).

• To the downside, strong support can be 0.9386 (38.6 % Retracement level), a break below will open the gates towards 0.9334 (23.6% Retracement level).

 

Recommendation: We prefer short below above 0.9460 with targets 0.9400 & 0.9370, SL 0.9520

Resistance Levels

R1: 0.9420 (50% Retracement level)

R2: 0.9460 (61.8% Retracement level)

R3: 0.9502 (Aug 21^st high))

Support Levels

S1: 0.9386 (38.6 % Retracement level)

S2: 0.9334 (23.6% Retracement level)

S3:0.9300(Aug 25^{th lows})