- The USD/CHF has slipped back towards 0.9849 levels, after failing to advance further above 23.6% fib levels located at 0.9880. The pair currently is approaching to support level at 0.9836, the pair is expected to rebound from around 0.9835 and reclaim 1.0000 levels sooner or later as the pair has broken major resistance level at 0.9872.
- The pair is trading around 0.9851 levels and it is expected advance further towards 0.9950 and 1.000 levels in the short term.
- To the upside, the strong resistance can be seen at 0.9910, a break above this level would take the pair all the way towards 0.9954 levels.
- To the downside immediate support can be seen 0.9835, a break below this level will take the pair to next level at 0.9798 levels.
Recommendation: Go long above 0.9800, targets 0.9870, 0.9920, SL 0.9740
Resistance Levels
R1: 0.9883 (23.6% Retracement level)
R2: 0.9910 (Oct 30th high)
R3: 0.9954 (Oct 29th high)
Support Levels
S1: 0.9835 (38.2% Retracement level)
S2: 0.9798 (50% Retracement level)
S3: 0.9760 (61.8% Retracement level)
