USD/CHF is expected to trade with a bullish bias above 0.9890. The pair challenged the first upside target at 0.9925 overnight before entering a consolidation zone. Currently, it is trading around the 20- and 50-period moving averages, and the relative strength index is hovering around the neutrality level of 50. As long as the key support at 0.9890 is not surpassed, the pair is expected to keep trading on the upside and challenge 0.9990 again.
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 0.9970 and the second target at 0.9990. In the alternative scenario, it is recommended to open short positions with the first target at 0.9855, 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 0.9890.
Resistance levels: 0.9970, 0.9990, 1.0020
Support levels: 0.9850, 0.9830, 0.98
The material has been provided by InstaForex Company – www.instaforex.com