Technical Analysis of USD/CHF for March 28, 2016
USD/CHF is expected to trade with a bullish bias as the pair is range-trading due to holidays. The pair is moving sideways above its key support at 0.9720. Meanwhile, the relative strength index is mixed to bullish. Upside is expected above 0.9720 at first. A break above this level would call for further advance towards 0.9820.
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. Therefore, long positions are recommended with the first target at 0.9820 and the second one at 0.9860. In the alternative scenario, a short position is recommended with the first target at 0.9685 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 0.9650. The pivot point is at 0.9720.
Resistance levels: 0.9820, 0.9860, 0.9925
Support levels: 0.9685, 0.9650, 0.9610
The material has been provided by InstaForex Company - www.instaforex.com