USD/CHF is expected to trade with a bullish bias. The pair is still in an uptrend, and both rising 20-period and 50-period moving averages are acting as support. Technically, the relative strength index is above its neutrality area of 50, calling for a new rebound. Last but not least, the key horizontal support of 0.9790 maintains the strong buying pressure. To sum up, as long as 0.9790 is not broken, further advance is likely to occur to 0.9895 and 0.9940 in extension.
Trading Recommendations:
The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 0.9895 and the second one at 0.9940. In the alternative scenario, short positions are recommended with the first target at 0.9755 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.9725. The pivot point is at 0.9790.
Resistance levels: 0.9895, 0.9940, 1.0010
Support levels: 0.99, 0.9875, 0.9850
The material has been provided by InstaForex Company – www.instaforex.com
USD/CHF is expected to trade with a bullish bias. The pair is still in an uptrend, and both rising 20-period and 50-period moving averages are acting as support. Technically, the relative strength index is above its neutrality area of 50, calling for a new rebound. Last but not least, the key horizontal support of 0.9790 maintains the strong buying pressure. To sum up, as long as 0.9790 is not broken, further advance is likely to occur to 0.9895 and 0.9940 in extension.
Trading Recommendations:
The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. Therefore, long positions are recommended with the first target at 0.9895 and the second one at 0.9940. In the alternative scenario, short positions are recommended with the first target at 0.9755 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.9725. The pivot point is at 0.9790.
Resistance levels: 0.9895, 0.9940, 1.0010
Support levels: 0.99, 0.9875, 0.9850
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: