USD/CHF is expected to trade with bullish bias and continue its upside movement. The technical picture of USD/CHF is bullish above its rising 20-period and 50-period moving averages, which play support roles and maintain the upside bias. The relative strength index stands firmly above its neutrality level at 50 and lacks downward momentum. Additionally, 1.0120 is playing a key support role, which should limit the downside potential.
On the economic data front, MBA mortgage applications rose 5.5% in the week ended November 18th from a decline of 9.2% in the previous week. Separately, initial jobless claims improved to 251k in the week ended November 19th (estimated 250k) compared with 233k in the prior week. Continuing claims increased to 2.04M in the week ended November 12th (forecasted 2.01M) from 1.98M a week earlier. In other news, durable goods orders jumped 4.8% in October in a preliminary estimate (estimated 1.7%) from +0.4% in September (revised from -0.3%).
Above 1.0120, look for a further upside with targets at 1.0220 and 1.0250 in extension.
Resistance levels: 1.0220, 1.0250, 1.0295
Support levels: 1.0060, 1.0025, 0.9990
The material has been provided by InstaForex Company – www.instaforex.com
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