USD/CHF is expected to trade with a bullish bias above 0.9675. The pair stands firmly above its nearest support at 0.9675, which has been tested several times. The intraday RSI lacks downward momentum. The key moving averages are shifting to positive. At the current stage, the pair is expected to post the limited consolidation before further its advance towards its key resistance at 0.9775 (last week’s top). Only an upside breakout of this threshold would open the way to 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 0.9785 and the second target at 0.9825. In the alternative scenario, short positions are recommended with the first target at 0.9635 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 0.9565. The pivot point is at 0.9675.
Resistance levels: 0.9785 0.9825 0.9865
Support levels: 0.9635 0.9565 0.9525
The material has been provided by InstaForex Company – www.instaforex.com