USD/CHF is expected to trade with a bullish bias. The pair is posting some consolidations after the downside breakout of its 50-period moving average. Nevertheless, a support base at 0.9705 has formed and the downside attempts should be limited by this level. Besides, the relative strength index lacks downward momentum. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
Hence, as long as 0.9705 (a key horizontal level) is not broken, expect a new rise to 0.9785, if breakout, look for further advance to 0.9810 as possible.
Resistance levels: 0.9785, 0.9810, 0.9850
Support levels: 0.9690, 0.9675, 0.9690
The material has been provided by InstaForex Company - www.instaforex.com