USD/CHF is expected to trade with a bullish bias. The pair is trading above its rising 20-period and 50-period MAs, which are supporting the price. In addition, a support base was formed around 1.3385, which should limit the downside potential. The RSI is around its neutrality level of 50 lacking downward momentum. As long as 0.9695 acts as support, look for an opportunity to move further upside to 0.9790 and even 0.9820.
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 0.9820. In the alternative scenario, short positions are recommended with the first target at 0.9665 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 0.9695.
Resistance levels: 0.9790 0.9820 0.9895
Support levels: 0.9665 0.9640 0.9615
The material has been provided by InstaForex Company – www.instaforex.com