The USD/CHF pair rallied from 0.9709 to test minor resistance level at 1.0321 in the early European session. However, after failing to break resistance level at 1.0321, the pair has turned back towards 1.0287 support level.
- The pair remains under bulls control unless until it trades above 1.0240 levels, therefore it is good to buy this pair on dips.
- The pair is trading around 1.0298 levels and it is expected advance further towards 1.0350 and 1.0430 levels in the short term.
- To the upside, the strong resistance can be seen at 1.0343, a break above this level would take the pair towards next resistance level at 1.0400.
- To the downside immediate support can be seen 1.0287, a break below this level will take the pair to next level at 1.0240.
Recommendation: Go long above 1.0270, targets 1.0340, 1.0400, SL 0.9580
Resistance Levels
R1: 1.0343 (23.6% Retracement level)
R2: 1.0400 (Psychological levels)
R3: 1.0434
Support Levels
S1: 1.0287 (38.2% Retracement level)
S2: 1.0240 (50% Retracement level)
S3: 1.0193(61.8% Retracement level)
