Fxwirepro: Usd/chf Approaching Resistance Level at 0.9728, Bullish in the Short Term

  • The pair is currently trading around 0.9704 levels. It is expected to, advance further towards 0.9730 and later 0.9770 levels in the short term. The Swiss Franc is broadly weaker against the dollar in the short and due to broader dollar demand across the board after hawkish of FOMC meetings yesterday.
  • Major resistance is located at 0.9758 (23.6% Retracement level), a break above at this level will open the door to 0.9800 levels. To the downside, immediate support can be seen at 0.9678 (61.8% Retracement level).

Recommendation: We prefer long above 0.9678 with targets 0.9730 & 0.9770, SL 0.9590

Resistance Levels

R1: 0.9728 (38.2% Retracement level)

R2: 0.9758 (23.6% Retracement level)

R3: 0.9811 (May 10th high)

Support Levels

S1: 0.9678 (61.8% Retracement level)

 S2: 0.9648 (July 20th high)

S3: 0.9598 (July 29th high)

The material has been provided by InstaForex Company – www.instaforex.com