USD/CHF is expected to trade with a bullish bias above 0.9900. The pair posted a strong rebound yesterday, and is now challenging its nearest resistance at 0.9945. The 20-period moving average is heading upward, acting as a strong support. Besides, the relative strength index advocates for a further advance.
Anyway, as long as 0.9900 is not broken, look for a new bounce to 0.9960 and 0.9980 in extension.
Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates a bullish position, and the price below the pivot points indicates a short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Strategy: BUY, Stop Loss: 0.9900, Take Profit: 0.9960
Resistance levels: 0.9960, 0.9980, and 1.0015
Support levels: 0.9850, 0.9830, and 0.9800
The material has been provided by InstaForex Company - www.instaforex.com