USD/CHF is expected to trade with bullish bias. The pair remains on the upsideside, capped by an ascending trendline. Further upside seems more likely to occur as the technical indicators are still bullish without showing any reversal signals. Hence, as long as the process of lower highs and lows remains intact, a new pullback is highly expected to 0.9505 and 0.9550 in extension. Only the downside break of the key resistance at 0.3 would turn the intraday outlook bearish.
The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.9505 and the second target at 0.9550. In the alternative scenario, short positions are recommended with the first target at 0.9245 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.92. The pivot point is at 0.93.
Resistance levels: 0.9505 0.9550 0.96
Support levels: 0.9245 0.92 0.9160
The material has been provided by InstaForex Company – www.instaforex.com