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Technical analysis of USD/CHF for May 25, 2016


USD/CHF is expected to trade with bullish bias as the movement is supported by a rising trend line. The pair remains bullish, backed by a rising trend line (since May 23), and is looking for a higher top. Furthermore, the 20-period moving average stays above the 50-period one. Last but not least, the relative strength index holds above its neutrality area at 50. Hence, further advance is expected with the next horizontal resistance and overlap set at 0.9950 at first, and then to 0.9980.

Trading recommendation:

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 0.9950 and the second one at 0.9985. In the alternative scenario, short positions are recommended with the first target at 0.9860 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 0.9805. The pivot point is at 0.9885.

Resistance levels: 0.9950, 0.9980, 1.0125

Support levels:0.9860, 0.9805, 0.9775

The material has been provided by InstaForex Company -