USD/CHF is expected to trade in a higher range above 0.9550. The pair remains under pressure below key resistance at 0.9550. Both the 20- and 50-period MAs are turning down calling for further consolidation. The intraday RSI is mixed to bearish moving below the level of 50. As long as the level of 0.95850 acts as key resistance, look for an opportunity to move upside towards 0.9730 and 0.9780.
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 0.9730 and the second target at 0.9780. In the alternative scenario, short positions are recommended with the first target at 0.9480 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 0.9410. The pivot point is at 0.9550.
Resistance levels: 0.9730 0.9780 0.9810
Support levels: 0.9480 0.9410 0.9375
The material has been provided by InstaForex Company – www.instaforex.com