USD/CHF is expected to trade in a lower range as the key resistance holds at 0.9705. The pair is under pressure below the key resistance at 0.9695, which should limit the upside potential. The relative strength index lacks upward momentum. Even though a continuation of a technical rebound cannot be ruled out, its extent should be limited.
To conclude, below 0.9705, expect a further decline to 0.9650 and even to 0.9635 in extension.
Graph Explanation: The black line shows the pivot point, present price above pivot point indicates the bullish position and below pivot points indicates the short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Strategy: SELL at dips, Stop Loss: 0.9705, Take Profit: 0.9650 and 0.9635
Resistance levels: 0.9730, 0.9760, and 0.9800
Support levels: 0.9650, 0.9635, and 0.9610
The material has been provided by InstaForex Company - www.instaforex.com