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Our first targets which we predicted in the yesterday's analysis has been hit. USD/CHF is expected to prevail its upside movement. The pair is trading above its rising 20-period and 50-period moving averages, which play support roles and maintain the upside bias. The relative strength index is bullish and calls for a further upside.
Hence, as long as 0.9325 holds on the downside, look for a further upside with targets at 0.9410 and 0.9450 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 point 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 at 0.9325, take profit at 0.9410.
Resistance levels: 0.9410, 0.9450, and 0.9485
Support levels: 0.9295, 0.9260, and 0.9230.
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