USD/CHF is expected to trade with bullish bias above 0.9925. The pair is trading above the key support level at 0.9925, which should limit the downside potential. The 20-period moving average has crossed above the 50-period one, which is a positive signal. The relative strength index has just landed on its neutrality level at 50 and is turning up.
On the economic data front, durable goods orders in the U.S. fell 0.7% on month in March (vs. +1.3% expected), the number of initial jobless claims amounted to 257,000 in the week ended April 22 (vs. 245,000 expected), and pending home sales declined 0.8% on month in March (vs. -1.0% expected).
Hence, as long as 0.9925 holds on the downside, a further rebound to 0.9970 and even to 0.9985 seems more likely to occur.
Resistance levels: 0.9970, 0.9985, and 1.000
Support levels: 0.9910, 0.9890, and 0.9850
The material has been provided by InstaForex Company - www.instaforex.com