The USD/CHF pair rallied initially to test resistance level at 1.0225 in the early European session. However, after failing to break resistance level at 1.0225, the pair slipped back to test 1.0173 support level. The pair remains under bulls control unless until it trades above 1.0120 support level, therefore it is good to buy this pair around 1.0150.
- To the upside, the strong resistance can be seen at 1.0190, a break above this level would take the pair all the way towards 1.0225 levels.
- To the downside immediate support can be seen 1.0173, a break below this level will take the pair to next level at 1.0140.
Recommendation: Go long above 1.0150, targets 1.0200, 1.0250, SL 0.9580
Resistance Levels
R1: 1.0190 (23.6% Retracement level)
R2: 1.0200 (Psychological levels)
R3: 1.0225 (Daily high)
Support Levels
S1: 1.0173 (Daily lows)
S2: 1.0140 (38.2% Retracement level)
S3: 1.0120 (Nov 20thlows)
