FxWirePro: USD/CHF is approaching support level at 0.9726, bias remains bullish

 

• USD/CHF pair is approaching support level at 0.9726, the support level at 0.9685 has been supportive for the bears in the recent past, and a strong rebound is expected soon around 0.9700 to 0.9685 levels, the US Dollar is set to gain on rate hike expectations from the Fed's doing the rounds.

• The pair is currently trading around 0.97734 levels. It is expected to, advance further towards 0.9800 and later 0.9850 levels in the short term.

• Major resistance is located 0.9795 (Aug 18^th high), a break above at this level will open the door towards 0.9818 (23.6% Retracement level). To the downside, strong support can be 0.9726 (Aug 14^th lows), a break below will open the gates towards 0.9683 levels.

Recommendation: We prefer long above 0.9700 with targets 0.9760 & 0.9790, SL 0.9620

Resistance Levels

R1: 0.9766 (38.2% Retracement level)

R2: 0.9795 (Aug 18^th high)

R3: 0.9818 (23.6% Retracement level)

Support Levels

S1: 0.9726 (50% Retracement level)

S2: 0.9683 (61.8% Retracement level)

S3:0.9640(Aug 3^{rd lows})