USD/CHF is expected to trade in a higher range as bias remains bullish. The pair is well supported by its, which stays above its intraday MA for period 50. The intraday RSI stays above 50 and is positively oriented. Further upside is therefore expected with the next horizontal resistance and overlap set at 0.9730. A break above this level would call for further advance towards a high of 0.9780. Only a breakout below the horizontal support at 0.9550 would open the way to further weakness.
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 0.9730 and the second target at 0.9780. 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: 0.9730 0.9780 0.9810
Support levels: 0.9480 0.9410 0.9375
The material has been provided by InstaForex Company – www.instaforex.com