USD/CHF is under pressure. Currently trading at 0.9980, the pair is facing the challenge of its major resistance at 1.0090 on an intraday basis. Both the 20-period and 50-period moving averages are turning down, and the relative strength index has lost its upward momentum. These technical elements indicate that a new pullback may take place in the coming trading hours. To sum up, as long as 1.0090 holds on the upside, look for 0.9955 and 0.9990 in extension.
The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.9955. A break of that target will move the pair further downwards to 0.99. The pivot point stands at 1.0090. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 1.0140 and the second target at 1.0179.
Resistance levels: 1.0140, 1.0170, 1.0210
Support levels: 0.9955, 0.99, 0.9865
The material has been provided by InstaForex Company – www.instaforex.com