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Technical analysis of USD/CHF for August 12, 2016

USDCHFM30.png

USD/CHF is expected to trade with a bullish bias as key resistance is set at 0.9785. The pair is trading above its 20-period and 50-period moving averages and the relative strength index is above its neutrality area at 50. On Thursday, U.S. stocks rebounded sending all three major indexes to record-high closing levels on the same day, the first time since 1999. The benchmark 10-year U.S. Treasury yield climbed to 1.572% from 1.509% in the prior session. Seeing safe-haven buying subside as U.S. dollar and stocks received bids, gold declined 0.6% to $1,338 an ounce. Silver dropped 0.7% to $19.93 an ounce.

Nevertheless, 0.9785 represents a significant key resistance level, which should limit the upside potential. As long as this key level is not broken, the pair is likely to return to 0.9710. A break below this level would open the way to further weakness toward the next support at 0.9690.

Resistance levels: 0.9805, 0.9845, 0.9905

Support levels: 0.9710, 0.9690, 0.9670

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