FxWirePro: USD/CHF key support at 1.0097, upside prevails in the short term

The USD/CHF has inched towards 1.0150 levels, after failing to break below 1.0120 minor support levels. The pair has been trading in a sideways movement off late, and a strong rebound is expected to take place sooner or later around 1.0097 levels as this level serve as strong recovery zone for the bulls.

• The pair is trading around 1.0150 levels and it is expected advance further towards 1.00180 and 1.0220 levels in the short term.
• To the upside, the strong resistance can be seen at 1.0164, a break above this level would take the pair all the way towards 1.0220 levels.
• To the downside immediate support can be seen 1.0137, a break below this level will take the pair to next level at 1.0097.

Recommendation: Go long above 1.0100, targets 1.0180, 1.0220, SL 1.0050

Resistance Levels

R1: 1.0164 (Daily high)
R2: 1.0186 (23.6% Retracement level)
R3: 1.0220 (Nov 18th high

Support Levels

S1: 1.0137 (38.2% Retracement level)
S2: 1.0097 (50% Retracement level)
S3: 1.0056 (61.8% Retracement level)