USD/CHF is challenging 0.9825. The pair is very close to its major resistance at 0.9810 (the high of September 24), and is more likely to challenge it in sight. The immediate trend is up, and the momentum is strong as the RSI indicator is heading upwards above its 50 area. In these perspectives, as long as the nearest support at 0.9730 is not broken, a new bounce is expected in the coming trading hours towards 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