USD/CHF is expected to trde with a bullish bias as the pair is challenging 0.9705. The pair stands firmly above 0.9705, and is likely to challenge the upper boundary of its intraday range between 0.975 and 0.9820. Technically, the RSI is above its neutrality area of 50, which should indicate positive momentum. Moreover, the 50-period intraday MA still acts as support. To conclude, as long as 0.9705 is not broken, a new upward movement to 0.9820 and then to 0.9850 is expected.
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 0.9820 and the second target at 0.9850. In the alternative scenario, short positions are recommended with the first target at 0.97 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 0.9670. The pivot point is at 0.9750.
Resistance levels: 0.9820 0.9850 0.99
Support levels: 0.97 0.9670 0.9630
The material has been provided by InstaForex Company – www.instaforex.com