USD/CHF is expected to trade with a bullish outlook. Despite the recent pullback from 0.9910 (the high of December 21), the pair is supported by a rising 50-period moving average. The relative strength index is above its neutrality level at 50 and lacks downward momentum.
The U.S. Commerce Department reported that gross domestic product expanded at a 3.2% annualized rate in the third quarter, the fastest rate since the first quarter of 2015 and compared with +3.1% in the second quarter.
To conclude, as long as 0.9865 is not broken, a further rebound to 0.9910 and even to 0.9935 seems more likely to occur.
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 points 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: 0.9865, Take Profit: 0.9910
Resistance levels: 0.9910, 0.9935, and 0.9975
Support levels: 0.9850, 0.9835, and 0.9800
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Performed by Ahsan Aslam,
InstaForex Group © 2007-2017
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