- USD/CHF pair is approaching support level 0.9606, the support level at 0.9587 is set hold the bears and push pair further up.
- The pair is currently trading around 0.9613 levels. It is expected to, advance further towards 0.9640 and later 0.9670 levels in the short term. The Swiss Franc is broadly weaker against the dollar in the short and due to broader dollar demand across the board ahead of FOMC metings.
- Major resistance is located at 0.9651 (23.6% Retracement level) , a break above at this level will open the door to 0.9700 levels. To the downside, immediate support can be seen at 0.9607 (July 29h lows).
Recommendation: We prefer long above 0.9610 with targets 0.9640 & 0.9670, SL 0.9540
R2: 0.9634 (July 27th high)
S1: 0.9607 (July 29h lows)
S3: 0.9588 (61.8% Retracement level)
The material has been provided by InstaForex Company – www.instaforex.com