Our first target which we predicted in previous analysis has been hit. USD/CHF is still trading on upside and expected to continue the movement. The pair is likely to trade with bullish bias above 0.9790. The pair stands firmly above its horizontal support at 0.9790, which should limit any downside room. The relative strength index is mixed to bullish above its neutrality area at 50. Last but not least, the process of higher highs and lows remains intact, which should confirm a positive outlook. To conclude, as long as 0.9790 is not broken, an advance to 0.9880 and 0.9915 in extension is likely .
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 point 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 at 0.9790, take profit at 0.9880.
Resistance levels: 0.9880, 0.9915, and 0.9960
Support levels: 0.9770, 0.9745, and 0.9700.
The material has been provided by InstaForex Company - www.instaforex.com
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