FxWirePro: USD/CHF key support at 0.9710, buy deals are recommended around 0.9715

The USD/CHF has slipped back towards 0.9770 levels, after failing to hold above psychological level at 0.9800. The pair has been trading in a narrow range off late, a strong rebound is expected to take place sooner or later around 0.9711 levels as this level has been strong recovery zone for the bulls.

• The pair is trading around 0.9710 levels and it is expected advance further towards 0.9760 and 0.9800 levels in the short term.

• To the upside, the strong resistance can be seen at 0.9812 (23.6% Retracement level), a break above this level would take the pair towards next resistance level at 0.9853 (Aug 5th high).

• To the downside immediate support can be seen 0.9710 (61.8% Retracement level), a break below this level will take the pair to next level at 0.9670 levels.

Recommendation: Go long above 0.9715, targets 0.9760, 0.9830, SL 0.9640

Resistance Levels

R1: 0.9757(38.2% Retracement level)

R2: 0.9812 (23.6% Retracement level)

R3: 0.9853 (Aug 5th high)

Support Levels

S1: 0.9710 (61.8% Retracement level of 0.9905 and 0.9525)

S2: 0.9670

S3: 0.9582 (Aug 31st)