The USD/CHF inched higher after to testing support level at 0.9823 in the early US session. However, upside should be limited, and the pair is set to decline further towards lower side.
- The pair has to close above 0.9956 levels in order to find any bullish bias unless until trend remains bearish, therefore it is good to sell this pair rallies.
- The pair is trading around 0.9895 levels and it is expected decline further towards 0.9800 and 0.9780 levels in the short term.
- To the upside, the strong resistance can be seen at 0.9956, a break above this level would take the pair all the way towards 1.0000 levels.
- To the downside immediate support can be seen 0.9823, a break below this level will take the pair to next level at 0.9758.
Recommendation: Go short below 0.9950, targets 0.9850, 0.9800, SL 0.9980
Resistance Levels
R1: 0.9911 (38.2% Retracement level)
R2: 0.9956 (Oct 20th high)
R3: 1.0029 (Dec 4th high)
Support Levels
S1: 0.9823 (38.2% Retracement level)
S2: 0.9758 (50% Retracement level)
S3: 0.9687 (61.8% Retracement level)
