The USD/CHF pair is expected to trade with a bullish bias above 1.0260. The pair stands firmly above its support base around 1.0245, which has already been tested for two times. It allows for a temporary stabilization. The intraday relative strength index is bouncing off the "oversold" area of 30 showing bullish momentum. To sum up, as long as 1.0260 holds on the downside, expect further advance to 1.0330 and 1.0370.
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 1.0330 and the second target at 1.0370. In the alternative scenario, short positions are recommended with the first target at 1.0220 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 1.0195. The pivot point is at 1.0260.
Resistance levels: 1.0330 1.0370 1.0410
Support levels: 1..0220 1.0195 1.0170
The material has been provided by InstaForex Company - www.instaforex.com