USD/CHF is expected to trade with a bullish bias above 0.9875. Despite a pullback made by the pair posting from 0.9945 (highs of November 16 and 21), a support base at 0.9900 has formed and has allowed for a temporary stabilization. Even though a continuation of consolidation cannot be ruled out, its extent should be limited.
Hence, as long as 0.9875 is not broken, look for a rebound to 0.9940 and even to 0.9960 in extension.
Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates a bullish position, and the price below the pivot points indicates a 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: 0.9875, Take Profit: 0.9940
Resistance levels: 0.9940, 0.9960, and 0.9980
Support levels: 0.9850, 0.9830, and 0.9800
The material has been provided by InstaForex Company - www.instaforex.com