USD/CHF is expected to trade with bullish bias as the key support is at 0.9500. The pair remains on the upside above the 0.950 level, which is clearly an important support. The intraday situation is mixed to bearish. As long as the support at 0.9500 is not surpassed, the risk of the break above 0.9585 remains high. The technical indicator RSI is negative, calling for a new upside. Hence, look above 0.9500 for a new upside to 0.9585 and 0.9615 in extension.
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 0.9585 and the second target at 0.9615. In the alternative scenario, short positions are recommended with the first target at 0.9475 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 0.9450. The pivot point is at 0.95.
Resistance levels: 0.9585 0.9615 0.9650
Support levels: 0.9475 0.9450 0.94
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 19, 2015 . Thanks for your support.
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