USD/CHF is expected to trade in a higher range as a bias remains bullish. The pair stands above its key support at 0.9885 and remains on the upside. Meanwhile, the 20-period moving average stays above the 50-period one, and the relative strength index is positively oriented. Further upside is therefore expected with the next horizontal resistance and overlap set at 0.9970 at first. A break above this level would call for further advance towards 1.0030.
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. Therefore, long positions are recommended with the first target at 0.9970 and the second one at 1.0030. In the alternative scenario, short positions are recommended with the first target at 0.9840 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 0.9785. The pivot point is at 0.9885.
Resistance levels: 0.9970, 1.0030, 1.0060
Support levels: 0.9840, 0.9785, 0.9750
The material has been provided by InstaForex Company - www.instaforex.com