USD/CHF is expected to post some further upside movement. The pair is trading above its rising 20-period and 50-period moving averages, which are acting as support roles, so the pair maintains the upside bias. The relative strength index stands firmly above its neutrality level at 50 and calls for further upside.
The U.S. Labor Department reported that CPI advanced 1.6% on year in October (as expected), the fastest growth since October 2014. It also announced that initial jobless claims dropped 19,000 to 235,000 for the week ended November 12 (vs. 257,000 expected), the lowest level in over 40 years.
Additionally, 1.0025 is playing key support role, which should limit the downside potential. Above 1.0025, look for a further upside toward 1.0115 and 1.0145 in extension.
Resistance levels: 1.0115, 1.0145, 1.0170
Support levels: 0.9990, 0.9940, 0.9900
The material has been provided by InstaForex Company - www.instaforex.com