USD/CHF is expected to advance further. The pair is trading on the upside following the recent bullish penetration of its declining trend line since September 9. The upward momentum is further reinforced by its rising 50-period moving average. Besides, the relative strength index is positive above its neutrality area at 50, and lacks downward momentum.The U.S. dollar received bids as investors shifted away from riskier assets amid uncertainty of when the U.S. Federal Reserve will raise interest rates again.
Hence, as long as 0.9730 holds on the downside, we remain positive, and expect a bounce to 0.9785 and even to 0.9810.
Resistance levels: 0.9785, 0.9810, 0.9850
Support levels: 0.9705, 0.9690, 0.9675
The material has been provided by InstaForex Company - www.instaforex.com