- The USD/CHF rebounded from 1.0083 levels to hit high at 120, after bunch of economic data was released from the Eurozone. However, in the US early session the pair after finding minor resistance at 1.0111 has declined to trade around 1.0096 levels.
- The short term picture depicts more bullish trend for this pair, as the pair is supported by rising trend line in 4 hours chart, the relative index is pointing upwards at 68, the 55, 30 and 20 MA’s is indicating upward momentum in 4hour chart. Overall the technical indicators are depicting upside for this pair.
- On the data front, in a short while Service PMI is set to be released from US market followed by, Markit Composite PMI and ISM Non-Manufacturing PMI.
- To the upside, the strong resistance can be seen at 1.0125, a break above this level would take the pair towards next resistance level at 1.0200.
- To the downside strong support can be seen 0.9970, a break below this level will take the pair to next level at 0.9920.Recommendation: Go long around 1.0055, targets 1.0120, 1.0200, SL 0.9970Support levels: 1.0055, 1.0022, 0.9970Resistance levels: 1.0125, 1.0153, 1.0200
The material has been provided by InstaForex Company – www.instaforex.com