- The safe heaven Swiss franc rose against dollar on Tuesday as downbeat Chinese trade data fuelled concerns of global demand weighing on risker assets.
- The pair rallied initially to test resistance level at 0.9959 in the early European session. However, after failing to break resistance level at 1.0225, has slipped to trade around 0.9927 levels.
- The ongoing weakness is set to continue for this pair as the resistance level at 0.9959 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels in the short term.
- To the upside, the strong resistance can be seen at 0.9959, a break above will take the pair towards next resistance level at 1.0028.
- To the downside immediate support can be seen 0.9884, a break below this level will take the pair to next level at 0.9850.Resistance LevelsR1: 0.9959 (50% Retracement level)R2: 1.0028 (38.2% Retracement level)R3: 1.0117 (23.6% Retracement level)Support LevelsS1: 0.9884 (Daily lows)S2: 0.9850 (Feb 24th lows)S3: 1.9800 (Psychological levels)
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