USD/CHF is expected to trade in a higher range as bias remains bullish. Technically, the pair seems to be losing its upward momentum, and is likely to test its horizontal level at 0.9850, which plays an important support role. The RSI lacks downward momentum, while the 20-period and 50-period MAs are turning flat from a positive slope. As long as 0.9850 is not broken, a new rebound may occur to 0.9960 and even to 1.0000 as possible.
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 0.9960 and the second target at 1.000. In the alternative scenario, short positions are recommended with the first target at 0.9815 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 0.9755. The pivot point is at 0.9850.
Resistance levels: 0.9960 1.000 1.0060
Support levels: 0.9815 0.9755 0.9710
The material has been provided by InstaForex Company – www.instaforex.com