USD/CHF is expected to trade in a higher range above 0.9630. The pair remains in an uptrend above its major support base around 0.9630. Even though a continuation of the consolidation cannot be ruled out, its extent should be very limited. Besides, the relative strength index is around its neutrality area at 50 but lacks downward momentum. In these perspectives, as long as 0.9630 is not broken, the pair is likely to advance to 0.9710 and 0.9740 in extension.
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. Therefore, long positions are recommended with the first target at 0.9710 and the second one, at 0.9740. In the alternative scenario, short positions are recommended with the first target at 0.9590 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 0.9560. The pivot point is at 0.9610.
Resistance levels: 0.9710, 0.9740, 0.98
Support levels: 0.9590, 0.9560 , 0.95
The material has been provided by InstaForex Company - www.instaforex.com