FxWirePro: USD/CHF key support at 0.9754, upside prevails in the short term

The USD/CHF has slipped back towards 0.9790 levels, after failing to break above 0.9840 resistance levels. The pair has been trading in a narrow range off late, and a strong rebound is expected to take place sooner or later around 0.9750 levels as this level has been strong recovery zone for the bulls.

The pair is trading around 0.9790 levels and it is expected advance further towards 0.9800 and 0.9880 levels in the short term.

To the upside, the strong resistance can be seen at 0.9824 (Sep 9th high), a break above this level would take the pair all the way towards 0.9800 levels.

To the downside immediate support can be seen 0.9777 (38.2% Retracement level), a break below this level will take the pair to next level at 00.9750 (50% Retracement level).

Recommendation: Go long above 0.9760, targets 0.9800, 0.9880, SL 0.9690

Resistance Levels

R1: 0.9800 (23.6% Retracement level)

R2: 0.9824 (Sep 9th high)

R3: 0.9842 (Sep 25th high)

Support Levels

S1: 0.9777 (38.2% Retracement level)

S2: 0.9750 (50% Retracement level)

S3: 0.9732 (61.8% Retracement level)