FxWirePro: USD/CHF is approaching support level at 0.9749, buy deals are recommended around 0.9720

 

 

• USD/CHF pair is approaching support level 0.9749, the support level at 0.9715 has been supportive for the bears in the recent past, and a strong rebound is expected soon around 0.9715 levels, as dollar is set to gain strength due to  stronger dollar demand across the board.

• The pair is currently trading around 0.9752 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 14^th lows), a break below will open the gates towards 0.9675 levels.

 

Recommendation: We prefer long above 0.9720 with targets 0.9760 & 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)

S2: 0.9726 (Aug 14^th lows)

S3:0.9675(Aug 12^th lows)