Technical Analysis of USD/CHF for April 26, 2016
USD/CHF is expected to trade with a bullish bias above 0.9725. Despite the recent consolidation, the pair stands firmly above its nearest key support at 0.9725 and is likely to post a rebound on it. The relative strength index is mixed to bullish and lacks downward momentum. Furthermore, a strong support around 0.9725 should limit any downward attempts. Hence, as long as 0.9725 is not broken, look for further advance to 0.9800 and 0.9845 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 0.98 and the second one, at 0.9845. In the alternative scenario, short positions are recommended with the first target at 0.9695 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 0.9645. The pivot point is at 0.9725.
Resistance levels: 0.9800, 0.9845, 0.9890
Support levels: 0.9695, 0.9645, 0.9600
The material has been provided by InstaForex Company - www.instaforex.com