USD/CHF is expected to trade in a higher range as bias remains bullish. Technically, the pair stands firmly above its key support level at 0.9550. The intraday trend is bullish as the process of higher highs and lows remains intact on the prices. Even though a consolidation cannot be ruled out at the current stage, its extent should be limited. At last, the intraday RSI is regaining its bullish momentum. To sum up, expect a new upmove above 0.9550 with targets at 0.9675 and 0.9730 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 0.9675 and the second target at 0.9730. In the alternative scenario, short positions are recommended with the first target at 0.9480 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 0.9410. The pivot point is at 0.9550.
Resistance levels: 0.9675 0.9730 0.9765
Support levels: 0.9480 0.9410 0.9375
The material has been provided by InstaForex Company – www.instaforex.com