USD/CHF is expected to trade with bullish outlook. The pair remains on the upside above its support at 0.9760. Even though a technical retreat cannot be ruled out at the current stage, its extent should be limited. The rising 50-period moving average should also play a strong support, and limit any downside room.
To sum up, as long as 0.9760 is not clearly surpassed, pair is likely climb to 0.9870 and 0.9900 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: 0.9760, Take Profit: 0.9870
Resistance levels: 0.9870, 0.9900, and 0.9935
Support levels: 0.9730, 0.9700, and 0.9655
The material has been provided by InstaForex Company – www.instaforex.com