USD/CHF is expected to trade in a higher range as a bias remains bullish. The prices remain in an uptrend after the validation of the process of higher highs and lows. Both the rising 20-period and 50-period simple moving averages play support roles, and should push the prices higher. Moreover, the relative strength index is bullish, without showing any significant reversal signals. Hence, as long as 0.9925 is not broken, look for further advance to 1.0030 and 1.0070 in extension.
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 1.0030 and the second one at 1.0070. In the alternative scenario, short positions are recommended with the first target at 0.9895 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 0.6635. The pivot point is at 0.67.
Resistance levels: 1.0030, 1.0070, 1.0110
Support levels: 0.9895, 0.9870, 0.9820
The material has been provided by InstaForex Company – www.instaforex.com
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