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All our targets which we predicted in yesterday's analysis have been hit. USD/CHF is still expected to post some upside gains and trading on higher range. The pair is holding on the upside and is trading above its rising 20-period and 50-period moving averages, which play support roles and maintain the bullish bias. The relative strength index is above its overbought level at 70, but has not displayed any reversal signal.
Therefore, as long as 0.9515 is not broken, look for a new challenge to 0.9630 and even to 0.9660 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: 0.9515, Take Profit: 0.9630
Resistance levels: 0.9630, 0.9660, and 0.9685
Support levels: 0.9485, 0.9455, and 0.9400
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