USD/CHF is expected to trade with bullish bias. The pair managed to break above its falling trendline, which should confirm a bullish reversal. The 20-period moving average is turning up now, and should continue to push the prices higher. Additionally, the relative strength index stands firmly above its neutrality level at 50, and is displaying strong bullish momentum.
On the economic data front, durable goods orders increased 1.8% in January in a preliminary estimate (estimated +1.6%) from a decrease of 0.8% in the previous month. Separately, pending home sales fell 2.8% in January (forecasted +0.6%) compared to an improvement of 0.8% in December. In other news, the Dallas Federal Manufacturing Outlook increased to 24.5 in February (estimated 19.4) from 22.1 in the prior month.
To sum up, above 1.0015, expect a further rise to 1.0090, and even to 1.0115 in extension.
Resistance levels: 1.0090, 1.0115, and 1.0140
Support levels: 0.9975, 0.9950, and 0.9925
The material has been provided by InstaForex Company - www.instaforex.com
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