The USD/CHF rebounded from 0.9885 levels to hit high at 1.0001 levels, as the demand for safe heaven assets waned after oil markets jumped as much as 7 percent and European stocks opened higher.
- The short term picture depicts more bullish trend for this pair, as the pair is supported by rising trend line in 4 hour chart, the relative index is pointing upwards at 65, the 55, 30 and 20 MA's is indicating upward momentum . Overall the technical indicators are depicting upside for this pair.
- To the upside, the strong resistance can be seen at 1.0000, a break above this level would take the pair towards next resistance level at 1.0046.
- To the downside strong support can be seen 0.9885, a break below this level will take the pair to next level at 0.9850.
Recommendation: Go long around 0.9920, targets 1.0050, 1.0100, SL 0.9880
Support levels: 0.9885, 0.9850, 0.9780
Resistance levels: 1.0000, 1.0046, 1.0077
