USD/CHF is expected to trade with bullish bias as a rebound expected. The intraday technical outlook is positive now. The pair is showing upward strength, and remains supported by its key level at 1.0020. A bullish cross between the 20-period and 50-period MAs have been identified, which should confirm a bullish trend. Furthermore, the RSI is positive above its neutrality area at 50. To sum up, above 1.0020, look for a new bounce to 1.0095 and 1.0125 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 1.0095 and the second target at 1.0125. In the alternative scenario, short positions are recommended with the first target at 0.9990 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 0.9945. The pivot point is at 1.0020.
Resistance levels: 1.0095 1.0125 1.0140
Support levels: 0.9990 0.9945 0.9915
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 November 16, 2015 . Thanks for your support.
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