Technical Analysis of USD/CHF for April 18, 2016
USD/CHF is expected to trade with a bullish bias. The pair managed to hold above its horizontal support at 0.9630, and is now posting some consolidations. Even though a continuation of the consolidation cannot be ruled out at the current stage, its extent should be limited. In addition, the relative strength index lacks downward momentum. To conclude, as long as 0.9630 is not clearly broken, look for a new rise to 0.9710 and 0.9740 in extension.
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 0.9710 and the second one, at 0.9740. In the alternative scenario, short positions are recommended with the first target at 0.9590 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 0.9560. The pivot point is at 0.9630.
Resistance levels: 0.9710, 0.9740, 0.98
Support levels: 0.9590, 0.9560 , 0.95
The material has been provided by InstaForex Company - www.instaforex.com