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USD/CHF is expected to extend its upside movement. The pair stands above its nearest support at 0.9720 and is expected to post a new rise. Meanwhile, both the rising 20-period and 50-period moving averages are playing support roles. Besides, the relative strength index is bullish above its neutrality area at 50 and lacks downward momentum. Hence, as long as 0.9720 is not broken, further upside is expected with the next horizontal resistance at 0.9840 and 0.9900 in extension.
Trading recommendation:
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. Therefore, long positions are recommended with the first target at 0.9840 and the second one at 0.9900. In the alternative scenario, short positions are recommended with the first target at 0.9660 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 0.9585. The pivot point is at 0.9720.
Resistance levels: 0.9840, 0.9900, 0.9945
Support levels: 0.9660, 0.9585, 0.9515
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