USD/CHF is expected to trade with a bullish outlook. The pair recorded higher tops and higher bottoms since August 1, which confirmed a positive outlook. The upward momentum is further reinforced by both rising 20-period and 50-period moving averages. The relative strength index is supported by a bullish trend line.
On the economic data front, payroll processor ADP reported that 178,000 private jobs were added in the U.S. in July, compared with an addition of 180,000 jobs expected.
To conclude, as long as 0.9665 holds on the downside, a new advance to 0.9725 and even to 0.9765 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 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: 0.9665, Take Profit: 0.9725
Resistance levels: 0.9725, 0.9765, and 0.9800
Support levels: 0.9630, 0.9590, and 0.9540
The material has been provided by InstaForex Company - www.instaforex.com
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