USD/CHF is expected to trade with bullish bias and upside movements are expected to prevail. The pair stands firmly above its horizontal support at 0.9755, and is holding on the upside. The upward momentum is further reinforced by its rising 50-period moving average, which maintains a bullish bias. Besides, the relative strength index is above its neutrality area at 50, and lacks downward momentum.
The US Labor Department reported that CPI grew 0.2% on month in August (vs. +0.1% expected) and was up 1.1% on year (vs. +1.0% expected). On the other hand, the University of Michigan Consumer Sentiment Index remained unchanged at 89.8 in September (vs. 90.6 expected).
To conclude, as long as 0.9755 holds on the downside, we remain positive and expect a bounce to 0.9840 and even to 0.9865.
Resistance levels: 0.9840, 0.9865, 0.9910
Support levels: 0.9735, 0.9710, 0.9665
The material has been provided by InstaForex Company – www.instaforex.com
The post Technical analysis of USD/CHF for September 19, 2016 appeared first on forex-analytics.press.