FxWirePro: USD/CHF key support at 0.9771, buy deals are recommended above 0.9770

 

USD/CHF pair is approaching support level 0.9770, the support level at 0.9770 is set hold the bears and push pair further up.

The pair is currently trading around 0.9796 levels. It is expected to, advance further towards 0.9840 and later 0.9870 levels in the short term. The Swiss Franc is broadly weaker against the dollar in the short term due to broader dollar strength across the board after hawkish comments from NY Fed on rate hike.

Major resistance is located at 0.9833 (April 10^th high), a break above at this level will open the door to 0.9650 levels. To the downside, immediate support can be seen at 0.9795 (38.2% Retracement level).

Recommendation: We prefer long above 0.9770 with targets 0.9840 & 0.9870, SL 0.9670

Resistance Levels

R1: 0.9819 (23.6% Retracement level)

R2: 0.9833 (April 10^th high)

R3: 0.9860 (April 13th high)

Support Levels

S1: 0.9795 (38.2% Retracement level)

 S2: 0.9771 (Aug 5^th lows)

S3: 0.9741 (61.8% Retracement level of 0.9665 to 0.9867)