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Technical analysis of USD/CHF for November 22, 2016

USDCHFM30.png

USD/CHF is expected to trade with a bullish bias above 1.0060. The pair is consolidating below its 20-period and 50-period moving averages. The relative strength index is below its neutrality level at 50. Nevertheless, 1.0060 is playing a key support role, which should limit the downside potential. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

As long as the key level at 1.0060 is not broken, look for a further upside toward 1.0125 first. A break above 1.0125 would call for a further advance toward 1.0145.

Resistance levels: 1.0125, 1.0145, 1.0190

Support levels: 1.0025, 0.9990, 0.9940

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