Our USD/CHF upside targets have been hit exactly as we predicted. USD/CHF is still expected to trade in the upward direction. The pair is trading above the key support at 0.9615, which should limit the downside potential. The upward momentum is further reinforced by both rising 20-period and 50-period moving averages. The relative strength index is supported by the rising trend line since June 29. Therefore, as long as 0.9615 is not broken, look for a rebound to 0.9685 and even to 0.9710 in extension.
Chart Explanation: The black line shows the pivot point; the present price above pivot point indicates the bullish position and below pivot points indicates the short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Strategy: BUY, Stop Loss: 0.9615, Take Profit: 0.9685
Resistance levels: 0.9685, 0.9710, and 0.9745
Support levels: 0.9580, 0.9565, and 0.9500
The material has been provided by InstaForex Company - www.instaforex.com