The upside movement in USD/CHF is expected to prevail. Currently trading at 0.9758, the pair stands firmly above its nearest support at 0.9720, and is likely to challenge its next resistance at 0.9790. Even though a consolidation cannot be ruled out at the current stage, its extent should be limited. Moreover, the relative strength index lacks downward momentum. To sum up, above 0.9720, look for 0.9790 and 0.9845 in extension.
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 0.9790 and the second one at 0.9845. In the alternative scenario, a short position is recommended with the first target at 0.9685 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 0.9650. The pivot point is at 0.9720.
Resistance levels: 0.9790, 0.9845, 0.9925
Support levels: 0.9685, 0.9650, 0.9610
The material has been provided by InstaForex Company - www.instaforex.com