USD/CHF is expected to trade with a bullish bias above 0.9740. The pair manages to hold above the key support of 0.9740. It is now challenging its resistance at 0.9810. A breakout above this threshold would open the path to 0.9845 and even to 0.9890 as possible. Meanwhile, the intraday RSI is well above its neutrality level of 50, and the 50-period MA is still positively oriented. Hence, look for a new bounce to 0.9845 and 0.9890.
Trading recommendations:
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. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.9845 and the second target at 0.9890. In the alternative scenario, short positions are recommended with the first target at 0.97 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 0.9665. The pivot point is at 0.9740.
Resistance levels: 0.9845 0.9890 0.9910
Support levels: 0.97 0.9665 0.9615
The material has been provided by InstaForex Company - www.instaforex.com