USD/CHF is expected to trade with bullish bias. The pair is accelerating on the upside and is looking for a higher top. Both 20-period and 50-period moving averages are rising and should play support roles. Thus, further upside is expected with the next horizontal resistance and overlap set at 0.9935. A break above this level would call for further advance towards 0.9975 and 1.0010 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 0.9935 and the second one at 0.9975. In the alternative scenario, short positions are recommended with the first target at 0.9830 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 0.98. The pivot point is at 0.9855.
Resistance levels: 0.9935, 0.9975, 1.0010
Support levels: 0.9830, 0.9800, 0.9740
The material has been provided by InstaForex Company - www.instaforex.com