FxWirePro: USD/CHF key support at 1.0042, upside prevails in the short term

The USD/CHF has inched towards 1.0070 levels, after failing to break below 1.0042 support levels. The pair has been trading in a sideways movement off late, a strong rebound is expected to take place sooner or later around 1.0040 levels as this level serve as strong recovery zone for the bulls.

• The pair is trading around 1.0070 levels and it is expected advance further towards 1.0120 and 1.0140 levels in the short term.
   
• To the upside, the strong resistance can be seen at 1.0088, a break above this level would take the pair all the way towards 1.0141 levels.
• To the downside immediate support can be seen 1.0042, a break below this level will take the pair to next level at 1.0017.

Recommendation: Go long above 1.0042, targets 1.0100, 1.0140, SL 0.9970

Resistance Levels

R1: 1.0088 (Nov 13th high)

R2: 1.0120 (Sep 9th high)

R3: 1.0141 (March 8th high)

Support Levels

S1: 1.0042 (38.2% Retracement level)

S2: 1.0017 (Nov 12th lows)

S3: 0.9988 (61.8% Retracement level)