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Technical analysis of USD/CHF for November 21, 2016

USDCHFM30.png

USD/CHF is expected to advance further. The pair is trading above its rising 20-period and 50-period moving averages, which play support roles and maintain the upside bias. Additionally, 1.0050 is playing a key support role, which should limit the downside bias. The relative strength index stands firmly above its neutrality level at 50 and lacks downward momentum.The U.S. dollar is buoyed by hawkish comments by St. Louis Federal Reserve President James Bullard, who said, "Markets are currently putting a high probability on a December move by the FOMC. I'm leaning towards supporting that."

As long as 1.0050 is not broken, look for a further upside toward 1.0145 and 1.0190 in extension.

Resistance levels: 1.0145, 1.0190, 1.0235

Support levels: 1.0025, 0.9990, 0.9940

The material has been provided by InstaForex Company - www.instaforex.com