FxWirePro: USD/CHF tests 0.9886 support level, scope for further upside
The USD/CHF has slipped back towards 0.9893 levels, after failing to break résistance level at 0.9941. The pair has been trading in a narrow range lately, and strong rebound is expected to take place sooner from around 0…
The USD/CHF has slipped back towards 0.9893 levels, after failing to break résistance level at 0.9941. The pair has been trading in a narrow range lately, and strong rebound is expected to take place sooner from around 0.9886 levels as this level has been strong recovery zone for the bulls.
The pair tested support level at 0.9886, however after failing to break 0.9886 level, it has rebounded back to trade around 0.9897 levels.
To the upside, the strong resistance can be seen at 0.9941, a break above this level would take the pair towards next resistance level at 0.9988.
To the downside immediate support can be seen 0.9886, a break below this level will take the pair towards next level at 0.9861 levels.
Recommendation: Go long around 0.9885, targets 0.9930, 0.9980, SL 0.9800
Resistance Levels
R1: 0.9913 (38.2% Retracement level)
R2: 0.9941 (23.6% Retracement level)
R3: 0.9988 (Dec 17th high)
Support Levels
S1: 0.9886 (50% Retracement level of 0.9781 and 0.9986)
