USD/CHF is expected to trade with bullish bias above 0.9960. Although the pair posted a pullback, a support base at 0.9960 has formed and has allowed for a temporary stabilization. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
The U.S. Commerce Department reported that grew the U.S. economy grew at an annualized rate of 3.0% in the third quarter, compared with +2.7% expected and +3.1% in the second quarter.
Hence, as long as 0.9960 holds on the downside, a further upside to 1.0035 and even to 1.0065 seems more likely to occur.
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: 0.9960, Take Profit: 0.9900
Resistance levels: 1.0035, 1.0035, and 1.0065
Support levels: 0.9930, 0.9900, and 0.9865
The material has been provided by InstaForex Company - www.instaforex.com