USD/CHF is expected to trade with bullish bias above 0.9765. The pair is consolidating above its key support at 0.9765, which should limit the downside potential. The relative strength index is above its neutrality level at 50 and lacks downward momentum.
U.S. government bonds weakened again, as Federal Reserve Chair Janet Yellen pointed out on Sunday that she remains inclined to keep raising interest rates. The U.S. dollar remained firm, buoyed by rising Treasury yields as well as progress in President Donald Trump's proposed tax reform.
To conclude, as long as 0.9765 is not broken, look for a further drop with targets at 0.9805 and 0.9835 in extension.
Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates a bullish position, and the price below the pivot points indicates a 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: 0.9765, Take Profit: 0.9805
Resistance levels: 0.9805, 0.9835, and 0.9865
Support levels: 0.9745, 0.9730, and 0.9700
The material has been provided by InstaForex Company - www.instaforex.com
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