USD/CHF is expected to trade with a bullish bias above 0.9985. The pair broke above its 20-period and 50-period moving averages, while the 20-period moving average crossed above the 50-period one. The relative strength index is supported by a rising trend line and is above its neutrality level at 50. Additionally, 0.9985 is playing a key support role, which should limit the downside potential.
As long as 0.9985 holds as the key support, look for a further upside towards 1.0035 and even 1.0050 in extension.
Resistance levels: 1.0035, 1.0050, 1.0070
Support levels: 0.9965, 0.9940, 0.9910
The material has been provided by InstaForex Company – www.instaforex.com
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