USD/CHF is under pressure as key resistance is at 0.9860. The pair failed to break above the key resistance at 0.9860, which should limit the upside potential. The declining 50-period moving average is playing a resistance role and maintains the downside bias. In addition, the relative strength index is bearish below its neutrality area at 50 and lacks upward momentum. In conclusion, as long as the resistance at 0.9860 is not surpassed, the risk of a break below 0.9815 remains high. A break below 0.9815 would trigger a drop toward 0.9790. Alternatively, above 0.9860, look for further upside with 0.9895 and 0.9925 as targets.
Resistance levels: 0.9895, 0.9925, 0.9990
Support levels: 0.9815, 0.9790, 0.9765
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
USD/CHF is under pressure as key resistance is at 0.9860. The pair failed to break above the key resistance at 0.9860, which should limit the upside potential. The declining 50-period moving average is playing a resistance role and maintains the downside bias. In addition, the relative strength index is bearish below its neutrality area at 50 and lacks upward momentum. In conclusion, as long as the resistance at 0.9860 is not surpassed, the risk of a break below 0.9815 remains high. A break below 0.9815 would trigger a drop toward 0.9790. Alternatively, above 0.9860, look for further upside with 0.9895 and 0.9925 as targets.
Resistance levels: 0.9895, 0.9925, 0.9990
Support levels: 0.9815, 0.9790, 0.9765
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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