The USD/CHF pair rallied from 0.9683 to test resistance level at 0.9753 in the mid European session. However, after failing to break resistance level at 0.9751, the pair is turning back downwards. The pair's downside is expected to be limited and the pair is set to consolidate around 0.9720 and reach higher levels as pair remains under bulls control unless until it trades above 0.9690 strong support level, therefore it is good to buy this pair around 0.9720 levels.
- The pair is trading around 0.9740 levels and it is expected advance further towards 0.9790 and 0.9820 levels in the short term.
- To the upside, the strong resistance can be seen at 0.9766 (23.6% Retracement level), a break above this level would take the pair all the way towards 0.9794 (Oct 02 high).
- To the downside immediate support can be seen 0.9720 (38.2% Retracement level), a break below this level will take the pair to next level at 0.9685 (50% Retracement level).
Recommendation: Go long above 0.9720, targets 0.9780, 0.9820, SL 0.9640
Resistance Levels
R1: 0.9766 (23.6% Retracement level)
R2: 0.9794 (Oct 02 high)
R3: 0.9845 (Sep 25th high)
Support Levels
S1: 0.9720 (38.2% Retracement level)
S2: 0.9685 (50% Retracement level)
S3: 0.9648 (61.8% Retracement level)
