Technical analysis of USD/CHF for May 9, 2017

USD/CHF is expected to continue its upside movement. The pair recorded a succession of higher tops and higher bottoms since May 8, which confirms a bullish outlook. The upward momentum is further reinforced by its rising 20-period and 50-period moving averages, which maintain the upside bias. The relative strength index is supported by a rising trend line and is above its neutrality level at 50.

As long as 0.9950 holds on the downside, look for a further advance toward 1.0005. A break above this level would call for a further move toward 1.0025.

Resistance levels: 1.0005, 1.0025, and 1.0075

Support levels: 0.9930, 0.9905, and 0.9870

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

Source:: Technical analysis of USD/CHF for May 9, 2017