USD/CHF is expected to trade with bullish bias as the trend remains bullish. The pair is clearly supported by a bullish trendline established since August 25. At the current stage, the intraday momentum is still strong as the intraday RSI stands firmly above its 50 area without displaying any reversal signals. In this case, the bias remains bullish, as long as 0.9550 is support. Further advance seems to be on the cards towards 0.9730.
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. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.9675 and the second target at 0.9730. In the alternative scenario, short positions are recommended with the first target at 0.9480 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 0.9410. The pivot point is at 0.9550.
Resistance levels: 0.9675 0.9730 0.9765
Support levels: 0.9480 0.9410 0.9375
The material has been provided by InstaForex Company – www.instaforex.com