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USD/CHF is expected to rebound. The pair is moving on the upside, supported by its rising 20-period and 50-period moving averages. Upside momentum is still strong, as the relative strength index maintains above its neutrality area of 50 without showing any weaknesses. Hence, a new rebound towards 0.9950 and 0.9985 seems to be on the cards as long as 0.9840 (our trailing stop loss) is not broken.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.9950 and the second target at 0.9990. In the alternative scenario, short positions are recommended with the first target at 0.9795 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.9750. The pivot point is at 0.9840.
Resistance levels: 0.9950 0.9990 1.0020
Support levels: 0.9795 0.9750 0.97
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