USD/CHF is expected to trade with a bullish outlook. Although the pair broke below the 20-period moving average, it is still trading above the rising 50-period moving average, which plays a support role. The relative strength index is mixed with bullish bias. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
Therefore, above 0.9625, look for a rebound to 0.9700 and even to 0.9730 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: 0.9625, Take Profit: 0.9700
Resistance levels: 0.9700, 0.9730, and 0.9775
Support levels: 0.9605, 0.9590, and 0.9545
The material has been provided by InstaForex Company - www.instaforex.com