USD/CHF is expected to trade in higher range as the bias remains bullish. Although the pair retreated from 1.0170 (Mar 7 top), it is still trading above its rising 50-period moving average, which plays a support role. The relative strength index lacks downward momentum. In addition, the downside potential should be limited by the key support level at 1.0105 (Mar 7 low).
As long as this key level is not broken, look for a further upside to 1.0150 and 1.0170 in extension.
To conclude, as long as 1.0135 is not surpassed, look for a further drop to 1.0060 and 1.0040 in extension.
Resistance levels: 1.0150, 1.0165, and 1.0185
Support levels: 1.0085, 1.0070, and 1.0040
The material has been provided by InstaForex Company - www.instaforex.com
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