USD/CHF is expected to trade with bullish outlook .The pair posted a rebound from the key support at 0.9580, which should limit the downside potential. The 20-period moving average crossed above the 50-period one. The relative strength index lacks downward momentum.
On the economic data front, the U.S. Labor Department reported that consumer prices increased 0.1% on month in July, lower than +0.2% expected.
Therefore, as long as 0.9670 is not broken, a further rise to 0.9735 and even to 0.9770 seems more likely to occur.
Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates the bullish position; and the price below the pivot points indicates the short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Strategy: BUY, Stop Loss: 0.9670, Take Profit: 0.9735
Resistance levels: 0.9735, 0.9770, and 0.9805
Support levels: 0.9605, 0.9580, and 0.9550
The material has been provided by InstaForex Company - www.instaforex.com
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