The USD/CHF inched higher towards 1.0158 levels, after bunch of economic data released from the Eurozone printed negative figures. However, in the US early session the pair has declined to trade around 1.0138 levels.
- The short term picture depicts more bullish trend for this pair, as the pair is supported by rising trend line in daily chart, the relative index is slightly pointing upwards at 61, and the MA's 55, 30 and 20 are indicating slightly upward momentum in 4 hour chart. Overall the technical indicators are pointing further upside for this pair.
- Later in the session ECB president Mario Draghi is set to issue statement in a speech, moderate to medium volaility is expected in the market ,Therefore traders should trade this pair with caution.
- To the upside, the strong resistance can be seen at 0.9916, a break above this level would take the pair towards next resistance level at 1.0005.
- To the downside strong support can be seen 1.0120, a break below this level will take the pair to next level at 1.0064.
Recommendation: Go long around 1.0080, targets 1.0160, 1.0200, SL 0.9780
Support levels: 1.0120, 1.0064, 1.0000
Resistance levels: 1.0167, 1.0200, 1.0264
