USD/CHF is expected to trade in a higher range as bias remains bullish. Technically, the trend is still positive on an intraday basis. The intraday RSI stands firmly above its neutrality area at 50, and the 20- and 50-period MAs are heading upwards without showing any reversal signals. The pair is now expected to challenge its nearest horizontal resistance at 0.9785. Only the upside breakout of this threshold would open the path towards 0.9900.
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 0.99 and the second target at 0.9960. In the alternative scenario, short positions are recommended with the first target at 0.9740 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 0.9710. The pivot point is at 0.9785.
Resistance levels: 0.99 0.9965 0.9995
Support levels: 0.9740 0.9710 0.9650
The material has been provided by InstaForex Company – www.instaforex.com