USD/CHF is expected to trade with bullish bias. The technical picture of the pair is bullish as the price accelerated on the upside. The upward momentum is further reinforced by the rising 20-period and 50-period moving averages. The relative strength index is bullish, calling for a new rise.
The Conference Board reported that its US consumer confidence index increased 9.5 points on month to 125.6 in March, its highest level since December 2000. The S&P CoreLogic Case-Shiller US National Home Price Index posted a 5.9% annual gain in January, the strongest growth in 31 months. And the Federal Reserve Bank of Richmond said its current conditions manufacturing index improved to 22 in March, the best reading since April 2010, from 17 in February.
To sum up, as long as 0.9880 is not broken, look for a further rise to 0.9990 and even to 1.0015 in extension.
Resistance levels: 0.9990, 1.0015, and 1.0045
Support levels: 0.9880, 0.9845, and 0.9800
The material has been provided by InstaForex Company - www.instaforex.com
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