USD/CHF is expected to trade in a higher range as it is supported by a rising trend line. Currently trading at 1.0147, the pair is positively oriented being backed by its ascending trend line. The process of reaching higher highs and lows remains intact, and the 20-period and 50-period moving averages are headed to the upside. They should also prevent any attempts to break downwards. To sum up, as long as 1.0120 (our trailing stop loss) is not broken, the pair is likely to advance to 1.0175 & 1.0210 in coming trading hours.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 1.0175 and the second target at 1.0200. In the alternative scenario, short positions are recommended with the first target at 1.0075if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 1.0040. The pivot point is at 1.0120.
Resistance levels: 1.0175 1.0200 1.0275
Support levels: 1.0075 1.0040 0.9990
The material has been provided by InstaForex Company - www.instaforex.com