USD/CHF is expected to trade with bearish bias as key resistance is at 0.9940. The pair managed to hold above its nearest key support at 0.9830, and it is likely to post some technical rebounds. The relative strength index turned up and jumped above its neutrality area at 50. The resistance base at 0.9940 should prevent any upward attempts. Thus, as long as the resistance level is at 0.9840, the pair is more likely to post further downward movement to 0.9830, and 0.9790 (the high of December 17).
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 0.9990 and the second target at 1.0015. In the alternative scenario, short positions are recommended with the first target at 0.99 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 0.9875. The pivot point is at 0.9925.
Resistance levels: 0.9970 0.9990 1.0015
Support levels: 0.9830 0.9795 0.9750
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 December 22, 2015 . Thanks for your support.
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