USD/CHF is expected to trade in a higher range. The pair remains on the upside following the recent breakout above its key level at 0.9685. The previous resistance should now act as support, which should limit any downward attempts. Furthermore, the intraday RSI is bullish and calls for a move further upside. Immediate momentum is strong as well. To sum up, as long as 0.9685 is not broken, expect a new rebound to 0.9775 and 0.9795.
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 0.9775 and the second target at 0.9795. In the alternative scenario, short positions are recommended with the first target at 0.9645 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 0.96. The pivot point is at 0.9685.
Resistance levels: 0.9775 0.9795 0.9815
Support levels: 0.9645 0.96 0.9550
The material has been provided by InstaForex Company – www.instaforex.com