The USD/CHF has slipped back towards 0.9652 levels, after failing to break above 0.9686 levels. The pair has been trading in a narrow range off late, and a strong rebound is expected to take place sooner or later around 0.9647 levels as this level has been strongly supported by the bulls. Therefore, its good to buy around 0.9650 levels.
- The pair is trading around 0.9674 levels and it is expected advance further towards 0.9720 and 0.9780 levels in the short term.
- To the upside, the strong resistance can be seen at 0.9720, a break above this level would take the pair all the way towards 0.9770 levels.
- To the downside immediate support can be seen 0.9647, a break below this level will take the pair to next level at 0.9600.
Recommendation: Go long above 0.9670, targets 0.9720, 0.9770, SL 0.9590
Resistance Levels
R1: 0.9684 (50% Retracement level)
R2: 0.9720 (38.2 % Retracement level)
R3: 0.9770 (23.6 % Retracement level)
Support Levels
S1: 0.9647 (61.8% Retracement level
S2: 0.9600 (Psychological levels)
S3: 0.9526 (Sep 18th lows)
