USD/CHF is expected to trade with a bullish bias. The pair is still supported by rising 50-period MA on an intraday basis. The uptrend is solid, as the nearest support around 0.9730 should limit any attempts to move downward. Besides, the intraday RSI stands firmly above 50, gaining bullish momentum. To sum up, as long as 0.9730 (our trailing stop loss) is not broken, it is likely to advance to 0.9825 and 0.9860.
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 0.9825 and the second target at 0.9860. 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 0.9730.
Resistance levels: 0.9825 0.9860 0.9910
Support levels: 0.9675 0.9640 0.9600
The material has been provided by InstaForex Company – www.instaforex.com