USD/CHF is expected to trade in a higher range as the bias remains bullish. The pair retains the positive outlook after it has broken the descending trend line since July 13. A support base at 0.9780 has been formed and should limit downside attempts. In addition, the relative strength index is still above its neutrality area at 50 and lacks downward momentum. To conclude, as long as 0.9780 is not broken, we are still positive and expect a new rebound to 0.9875 at first, and then even to 0.99.
As long as 0.9780 is support, look for further upside movement towards 0.9875 and even 0.99 in extension.
Resistance levels: 0.9875, 0.9900, 0.9945
Support levels: 0.9760, 0.9735, 0.9700
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
USD/CHF is expected to trade in a higher range as the bias remains bullish. The pair retains the positive outlook after it has broken the descending trend line since July 13. A support base at 0.9780 has been formed and should limit downside attempts. In addition, the relative strength index is still above its neutrality area at 50 and lacks downward momentum. To conclude, as long as 0.9780 is not broken, we are still positive and expect a new rebound to 0.9875 at first, and then even to 0.99.
As long as 0.9780 is support, look for further upside movement towards 0.9875 and even 0.99 in extension.
Resistance levels: 0.9875, 0.9900, 0.9945
Support levels: 0.9760, 0.9735, 0.9700
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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