USD/CHF is expected to trade with bullish bias above 0.9455. Currently trading at 0.9535, the pair remains supported by a rising trendline as well as its key intraday MAs. The RSI indicator is heading upwards, displaying strong bullish momentum. Furthermore, a strong support base around 0.9455 has been formed and should limit any downward attempts. Hence, above 0.9455, look for a new rise to 0.9550 & 0.9590 in extension.
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 0.9555 and the second target at 0.9590. In the alternative scenario, short positions are recommended with the first target at 0.9410 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 0.93675. The pivot point is at 0.9455.
Resistance levels: 0.9555 0.9590 0.9645
Support levels: 0.9410 0.9375 0.9315
The material has been provided by InstaForex Company – www.instaforex.com