Technical analysis of USD/CHF for October 01, 2015

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USD/CHF is expected to trade with a bullish bias. The pair is bouncing off its key support base around 0.9695, and is expected to challenge 0.9720, which represents the previous swing high. A new technical rebound seems to be on the cards, as the intraday 20-period and 50-period intraday MAs are turning up, and the RSI is also positive. To sum up, as long as 0.9720 is not broken, look for a new bounce to 0.9810 and 0.9845.

Trading recommendations:

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 0.9790 and the second target at 0.9820. 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 0.9665. The pivot point is at 0.9720.

Resistance levels: 0.9810 0.9845 0.99

Support levels: 0.9695 0.9665 0.9640

The material has been provided by InstaForex Company - www.instaforex.com