- USD/CHF pair inched lower in today’s European session after sellers stepped in, however, the decline was limited around 0.9525 and the pair rebounded back to trade above 61.8 fib retracement levels. The support level at 0.9525 levels is set to hold the bears from falling further, and bring another rebound towards higher levels, therefore it’s good to go long above 0.9550 levels.
- The pair is trading around 0.9577 levels and it is expected advance further towards 0.9610 and 0.9660 levels in the short term.
- To the upside, the strong resistance can be seen at 0.9606, a break above this level would take the pair all the way towards 0.9640 levels.
- To the downside immediate support can be seen 0.9557, a break below this level will take the pair to next level at 0.9527 (Daily low).Recommendation: Go long above 0.9550, targets 0.9600, 0.9630, SL 0.9490Resistance LevelsR1: 0.9582 (50% Retracement level)R2: 0.9606 (38.2 % Retracement level)R3: 0.9638 (23.6 % Retracement level)Support LevelsS1: 0.9557 (61.8% Retracement level)S2: 0.9527 (Daily low)S3: 0.9492 (Oct 20th low)
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