USD/CHF is expected to trade with a bullish bias above 0.9605. The pair remains on the upside. A support base at 0.9605 has formed and allowed for a temporary stabilization. Even though a consolidation cannot be ruled out at the current stage, its extent should be very limited before a new bounce. In this case, as long as 0.9605 is not broken, further upside is expected with the next horizontal resistance and overlap set at 0.9680 and 0.9715 in extension.
Trading recommendation:
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 0.9680 and the second one at 0.9715. In the alternative scenario, short positions are recommended with the first target at 0.9570 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 0.9530. The pivot point is at 0.9605.
Resistance levels: 0.9680, 0.9715, 0.9750
Support levels: 0.9570, 0.9550, 0.9530
The material has been provided by InstaForex Company - www.instaforex.com