USD/CHF is expected to trade with a bullish bias. The pair is still moving in an uptrend, backed by a bullish 50-period intraday MA. A strong support base around 0.9735 has been formed allowing for stabilisation. Currently, the pair seems more likely to consolidate, as the intraday RSI is turnes down, and is moving into its neutrality area around 50. Nevertheless, as long as 0.9750 (our stop loss) is not broken, the intraday outlook remains positive with targets at 0.98200 and 0.9850.
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 0.9820 and the second target at 0.9850. In the alternative scenario, short positions are recommended with the first target at 0.9735 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 0.970. The pivot point is at 0.9750.
Resistance levels: 0.9820 0.9850 0.99
Support levels: 0.9735 0.97 0.9670
The material has been provided by InstaForex Company – www.instaforex.com