USD/CHF is expected to trade with a bullish outlook. The pair is rebounding above its 20-period and 50-period moving averages. In addition, the 50-period moving average is turning up. The relative strength index is supported by a bullish trend line since October 11.
To conclude, as long as 0.7080 is not broken, look for the continuation of rebound with targets at 0.7145 and 0.7165 in extension.
The black line is showing the pivot point. Currently, the price is above the pivot point, which indicates long positions. If it remains below the pivot point, it will indicate short positions. The red lines are showing the support levels and the green line is indicating the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 0.7145, 0.7165, and 0.7190
Support levels: 0.7030, 0.7000, and 0.6955
The material has been provided by InstaForex Company – www.instaforex.com