USD/CHF is expected to trade in a lower range as the key resistance is at 1.0090. The pair still remains under pressure below its nearest resistance at 0.6490, which is expected to hold any potential upsides. The key moving averages are mixed to bearish, while the relative strength index is turning up, but lacks strong upward momentum. In these perspectives, as long as 1.0090 is not clearly surpassed, look for a return to 1.00 and 0.9955 in extension.
Trading reccomendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 1.00. A break of that target will move the pair further downwards to 0.9955. The pivot point stands at 1.0090. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 1.0140 and the second target at 1.0179.
Resistance levels: 1.0140, 1.0170, 1.0210
Support levels: 1.00, 0.9955, 0.99
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 January 19, 2016 . Thanks for your support.
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