USD/CHF is expected to advance further. The pair posted a strong rebound last Friday, and now stands firmly above its nearest support at 0.9945. The recent upside breakout of 1.0000 (key psychological level) should open the path to 1.0080 and 1.0125. Moreover, the intraday RSI is above its neutrality area at 50. To sum up, as long as 0.9980 is not broken, further advance seems more likely to occur to 1.0080 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 1.0080 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 1.01 1.0140
Support levels: 0.9945 0.9915 0.9875
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