USD/CHF is expected to trade in a higher range. Bullish bias is above 0.9675. The pair stands above its key horizontal support at 0.9675 and is moving sideways around its 20-period and 50-period intraday MAs. The intraday RSI is around its neutrality level of 50 and lacks downward momentum. Thus, even though a continuation of the consolidation cannot be ruled out, its extent should be limited. The first upside target is set at 0.9795 and the second one at 0.9825 (the high of September 11) in extension.
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 0.9640 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 0.96. The pivot point is at 0.9675.
Resistance levels: 0.9795 0.9825 0.9850
Support levels: 0.9640 0.96 0.9545
The material has been provided by InstaForex Company – www.instaforex.com