USD/CHF is expected to Further advance. The pair is trading above its rising 20-period and 50-period moving averages, which maintain the upside bias. The relative strength index stands firmly above its neutrality level at 50 and lacks downward momentum. Additionally, a support base has formed around 0.9940, which should limit the downside potential. The U.S. dollar managed to grind higher. Apart from upbeat economic data which drove investors to price in a near-certainty of the Federal Reserve raising interest rates next month, the greenback was boosted by hawkish remarks from Boston Fed President Eric Rosengren. He said, "Absent significant negative economic news over the next month, the market's assessment of the likelihood of tightening in December seems plausible."
As long as this key level is not broken, look for a further upside toward 1.0035 and 1.0065 in extension.
Resistance levels: 1.0035, 1.0090, 1.0135
Support levels: 0.9900, 0.9830, 0.9765
The material has been provided by InstaForex Company - www.instaforex.com