USD/CHF is expected to trade in a higher range today. The pair remains on the upside, backed by its ascending 20- and 50-period intraday MAs. Technically, the intraday RSI stands above its neutrality area of 50, and is still positive. Moreover, the nearest key support at 0.9635 should prevent any downward attempts and call for a new rise. To conclude, as long as 0.9635 is not broken, further advance is more likely to occur towards 0.9730 and 0.9775. Only the break below 0.9635 would invalidate our bullish view pushing the pair downward to 0.9565 – 0.9505.
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 0.9565 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 0.9505. The pivot point is at 0.9635.
Resistance levels: 0.9730 0.9780 0.9810
Support levels: 0.9565 0.9505 0.9465
The material has been provided by InstaForex Company – www.instaforex.com