Source: Forex Analysis
USD/CHF is expected to trade with a bullish outlook. The pair is consolidating above the key support at 0.9980 (lows of May 15 and 16), which should maintain the buying interest. The relative strength index stands firmly above its neutrality level at 50 and lacks downward momentum. Hence, as long as 0.9980 holds on the downside, look for a further rebound with targets at 1.0055 and 1.0085 in extension.
Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates a bullish position, and the price below the pivot point indicates a short position. The red lines show the support levels, and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Strategy: BUY, stop loss at 0.9980, take profit at 1.0055.
Resistance levels: 1.0055, 1.0085, and 1.0110
Support levels: 0.9955, 0.9930, and 0.9890
The material has been provided by InstaForex Company – www.instaforex.com