USD/CHF is expected to trade with a bullish outlook. The pair remains above its key support at 0.9945. The rising 50-period moving average is heading upward now and should continue to push the prices higher. Last but not least, the relative strength index lacks downward momentum and calls for a new rise.
Hence, as long as 0.9875 is not surpassed, the pair is likely to climb to 0.9945 and 0.9970 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: 0.9875, Take Profit: 0.9945
Resistance levels: 0.9945, 0.9970, and 1.0015
Support levels: 0.9850, 0.9830, and 0.9800
The material has been provided by InstaForex Company - www.instaforex.com
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