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 0.9886 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 0.9800Resistance LevelsR1: 0.9913 (38.2% Retracement level)R2: 0.9941 (23.6% Retracement level)R3: 0.9988 (Dec 17th high)Support LevelsS1: 0.9886 (50% Retracement level of 0.9781 and 0.9986)S2: 0.9861 (61.8% Retracement level)S3: 0.9800 (Psychological level)

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