Technical analysis of USD/CHF for May 12, 2017

USD/CHF Intraday: Bullish bias above 1.0055. The pair has bounced up from another test of support at 1.0055, which is playing a key support role, and is challenging the 20-peiord moving average. The relative strength index is turning up below its neutrality level at 50.

Economic data remained robust. The Labor Department reported that initial jobless claims declined to 236,000 for the week ended May 6 (vs. 245,000 expected), and producer prices gained 0.5% on month in April (vs. +0.2% expected).

As long as the key support at 1.0055 holds on the downside, look for a further advance toward 1.0100 and even 1.0125 in extension.

Resistance levels: 1.0100, 1.0125, and 1.0160

Support levels: 1.0020, 0.9975, and 0.9930

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical analysis of USD/CHF for May 12, 2017