USD/CHF is expected to trade with a bullish bias. Technically, the pair stands firmly above its key support at 0.9850, which maintains strong buying pressure. The intraday RSI regained its bullish momentum, and also jumped above the neutrality area at 50, calling for further advance. Currently trading at 0.9925, the pair is more likely to challenge the nearest resistance at 1.0000, representing the major psychological level. Only a breakout to the upside of this threshold would open the path towards 1.0200.
Trading recommendations:
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 0.9960 and the second target at 1.000. In the alternative scenario, short positions are recommended with the first target at 0.9815 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 0.9755. The pivot point is at 0.9850.
Resistance levels: 0.9960 1.000 1.0060
Support levels: 0.9515 0.9755 0.9710
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of USD/CHF for October 29, 2015 . Thanks for your support.
No comments:
Post a Comment