USD/CHF is expected to trade with bullish bias. The pair stands firmly above its key support at 0.9980, and is expected to post a rebound in sight. The intraday is turning up, and calls for a new bounce. Besides, the process of higher highs and lows remains intact, which should confirm a bullish trend. To sum up, as long as 0.9980 is not broken, further advance seems to be on the cards to 1.0080 and 1.0125 in extension.
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 1.0080 and the second target at 1.01. In the alternative scenario, short positions are recommended with the first target at 0.9945 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 0.9915. The pivot point is at 0.9980.
Resistance levels: 1.0080 1.0125 1.0140
Support levels: 0.9945 0.9915 0.9875
The material has been provided by InstaForex Company – www.instaforex.com