USD/CHF is expected to advance further. The pair is holding on the upside and is trading above the rising 50-period moving average, which plays a support role. The relative strength index is mixed with bullish bias. The downside potential should be limited by the key support at 0.9720.
To sum up, as long as this key level is not broken, a further rise to 0.9780 and even to 0.9805 seems more likely to occur.
Graph Explanation: The black line shows the pivot point, present price above pivot point indicates the bullish position and below 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 at dips, Stop Loss: 0.9720, Take Profit: 0.9780
Resistance levels: 0.9780, 0.9805, and 0.9875
Support levels: 0.9695, 0.9680, and 0.9600
The material has been provided by InstaForex Company – www.instaforex.com