USD/CHF is expected to trade with a bullish bias above 0.9710. The pair is consolidating and broke below its 20-period and 50-period moving averages. The relative strength index is below its neutrality level at 50. Nevertheless, 0.9710 is playing a key support role, which should limit the downside potential. Even though a continuation of consolidation cannot be ruled out, its extent should be limited.
As long as 0.9710 holds on the downside, we keep our positive view unchanged with up target at 0.9790 first. A break above this level would call for a further advance toward 0.9825.
Resistance levels: 0.9790, 0.9825, 0.9850
Support levels: 0.9670, 0.9635, 0.9600
The material has been provided by InstaForex Company - www.instaforex.comFrom www.instaforex.com http://ift.tt/2fyB16W
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