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Technical analysis of USD/CHF for July 26, 2016

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USDCHFM30.png

USD/CHF is expected to trade with bullish bias above 0.9835. The pair is consolidating below its 20-period and 50-period moving averages. The relative strength index is below its neutrality area at 50. Nevertheless, a support base is formed at 0.9835; it should limit the downside potential. Even though a continuation of consolidation cannot be ruled out, its extent should be limited. As long as 0.9835 holds on the downside, look for a technical rebound towards 0.9900. A break above 0.9875 would call for further advance towards 0.9900. Only a break below 0.9835 would turn the outlook to negative with down targets at 0.9810 and 0.9780.

Resistance levels: 0.9875, 0.9900, 0.9975

Support levels: 0.9810, 0.9780, 0.9760

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