USD/CHF is expected to trade with a bullish bias. The pair has entered a consolidation after a strong rebound from yesterday’s low of 0.9715. Support is provided by the 50-period intraday MA. And the intraday RSI is still above the neutrality level of 50. As long as 0.9715 acts as the key support level, consolidation is expected to be limited. The first upside target is at 0.9795.
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 0.9795 and the second target at 0.9825. In the alternative scenario, short positions are recommended with the first target at 0.9695 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 0.9670. The pivot point is at 0.9715.
Resistance levels: 0.9795 0.9825 0.9850
Support levels: 0.9695 0.9670 0.9630
The material has been provided by InstaForex Company – www.instaforex.com