USD/CHF is turning up. The pair might be shaping an intraday “rounding bottom” pattern, and is now heading upward, supported by its ascending 20-period and 50-period simple moving averages. The relative strength index broke above its declining trend line. To sum up, as long as 0.9870 is not broken, look for a new rise to 0.9945 & 0.9970 in extension.
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, it is recommended to open long positions with the first target at 0.9945 and the second target at 0.9970. In the alternative scenario, it is recommended to open short positions with the first target at 0.9850, 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 0.9830. The pivot point is at 0.9870.
Resistance levels: 0.9945, 0.9970, 0.9995
Support levels: 0.9850, 0.9830, 0.98
The material has been provided by InstaForex Company – www.instaforex.com