Technical outlook and chart setups:
The USD/CHF pair has been rallying steadily since the pair dropped to the levels of 0.7200 levels January 15, 2015. The pair has almost reached the resistance at Fibonacci 78.6 at the levels of 0.9580 remaining shy by just 50 pips. It is recommended to initiate short positions around the levels of 0.9580-0.960, if prices reach there. Immediate temporary support is seen at the levels of 0.9369 followed by 0.9290, 0.91775 and lower, while resistance is seen at 0.9600 and higher, respectively. Bears are expected to regain control around 0.9600.
Initiate short positions at the levels of 0.9580-0.9600.
The material has been provided by InstaForex Company – www.instaforex.com