USD/CHF is expected to trade with a bullish bias above 0.9675. The pair is trading above its key support at 0.9675, which is expected to limit any downside room. In addition, the 50-period moving average is turning up, and now acts as a support role. Even though a continuation of the consolidation cannot be ruled out at the current stage, its extent should be limited.
As long as 0.9675 holds on the downside, look for further advance to 0.9745 and 0.9765 in extension.
Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates a bullish position, and the price below the pivot points indicates a 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: BUY, Stop Loss: 0.9675, Take Profit: 0.9745
Resistance levels: 0.9745, 0.9765, and 0.9790
Support levels: 0.9650, 0.9630, and 0.9600
The material has been provided by InstaForex Company - www.instaforex.com