FxWirePro: USD/CHF key support at 0.9686, buy deals are recommended above 0.9670

 

• USD/CHF pair is approaching support level 0.9686, the support level at 0.9686 is set hold the bears and push pair further up.

• The pair is currently trading around 0.9698 levels. It is expected to, advance further towards 0.9750 and later 0.9800 levels in the short term. The Swiss Franc is broadly weaker against the dollar in the short term due to broader dollar demand across the board.

• Major resistance is located at 0.9718 (23.6% Retracement level), a break above at this level will open the door to 0.9750 levels. To the downside, immediate support can be seen at 0.9686 (38.2% Retracement level) .

Recommendation: We prefer long above 0.9685 with targets 0.9730 & 0.9770, SL 0.9610

Resistance Levels

R1: 0.9702 (Aug 4^th high)

R2: 0.9718 (23.6% Retracement level)

R3: 0.9770 (April 19th high)

Support Levels

S1: 0.9686 (38.2% Retracement level)

 S2: 0.9667 (Aug 4^th lows)

S3: 0.9634 (61.8% Retracement level)