FxWirePro: USDCHF to continue bullish run, key support at 0.9886

The USD/CHF pair rallied initially to test resistance level at 0.9970 in the early European session. However, after failing to break resistance level at 0.9970,it has retreated back to trade around 0.9941 levels.

• The pair remains under bulls control unless until it trades above 0.9886 support level, therefore it is good to buy this pair around 0.9920.
• To the upside, the strong resistance can be seen at 0.9970, a break above this level would take the pair all the way towards 1.0031 levels.
• To the downside immediate support can be seen at 0.9919 levels, a break below this level will open the gates towards 0.9886 levels.

Recommendation: Go long around 0.9920, targets 0.9980, 1.0030, SL 0.9880

Resistance Levels

R1: 0.9970 (23.6% Retracement level)

R2: 1.0000 (Psychological levels)

R3: 1.0031 (Dec 7th high)

Support Levels

S1: 0.9919 (50% Retracement level)

S2: 0.9886 (61.8% Retracement level)

S3: 0.9863 (Dec 16th lows)