USD/CHF is expected to trade in a higher range. The pair remains supported by its rising 50-period MA on an intraday basis. A strong support base is observed around 0.9705. It should prevent any potential downside movement. Moreover, the RSI is above its neutrality area of 50 lacking downward momentum. The intraday outlook is positive as long as the level of 0.9705 stays intact. It is likely to advance to 0.9790 and 0.9825.
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 0.9790 and the second target at 0.9825. In the alternative scenario, short positions are recommended with the first target at 0.9675 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 0.9640. The pivot point is at 0.9705.
Resistance levels: 0.9760 0.9790 0.9825
Support levels: 0.9625 0.9585 0.9560
The material has been provided by InstaForex Company – www.instaforex.com