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USD/CHF is expected to trade with a bullish outlook. The pair is heading upward within a bullish channel. Both the 20-period and 50-period moving averages are turning up and should confirm a positive outlook. Besides, a strong support base at 0.9815 has formed and should allow for a stabilization.
On the U.S. economic data front, the Conference Board said its consumer confidence index increased to a fresh 17-year high of 129.5 in November from 126.2 in October. The S&P CoreLogic Case-Shiller National Home Price Index rose 6.2% in the 12 months ended in September, the fastest annual rate since June 2014 in September, up from a 5.9% annual increase in August. And the Federal Reserve Bank of Richmond said its manufacturing activity index jumped to 30 in November, its highest level since 1993, from 12 in October.
To conclude, as long as 0.9820 is not broken, likely advance to 0.9870 and 0.9900 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: 0.9820, Take Profit: 0.9870
Resistance levels: 0.9870, 0.9900, and 0.9935
Support levels: 0.9795, 0.9775, and 0.9720
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