USD/CHF pair is approaching resistance level at 0.9777, the support level at 0.9726 has been supportive for the bears in the recent past, and a strong rebound is expected soon around 0.9725 levels, as dollar is set to gain strength due to due to stronger dollar demand across the board, ahead of, this weeks of FOMC meeting.
- The pair is currently trading around 0.97773 levels. It is expected to, advance further towards 0.9800 and later 0.9850 levels in the short term.
- Major resistance is located 0.9806 (38.2% Retracement level), a break above at this level will open the door towards 0.9840 (23.6% Retracement level). To the downside, strong support can be 0.9726 (Aug 14th lows), a break below will open the gates towards 0.9675 levels.
Recommendation: We prefer long above 0.9730 with targets 0.9780 & 0.9820, SL 0.9620
Resistance Levels
R1: 0.9777(50 % Retracement level)
R2: 0.9806 (38.2% Retracement level)
R3: 0.9840 (23.6% Retracement level)
Support Levels
S1: 0.9749 (61.2% Retracement level)
S3:0.9675(Aug 12th lows)
