FxWirePro: USD/CHF reverses recent rally, but bias is still bullish
USD/CHF pair edged lower on Thursday, as the demand for safe heaven assets increased as recent rebound in oil prices faded in the US session. However downside is set to be limited as pair finds strong support at 0.9871. …
The pair is supported by rising trend line in daily chart, the relative index is pointing slightly downside at 47, the 55, 30 and 20 MA's is in neutral territory. Whilst the technical indicators are turning lower limiting the upside in the short term.
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 1.0077.
To the downside strong support can be seen 0.9871, a break below this level will take the pair to next level at 0.9850.
Recommendation: Go long around 0.9870, targets 1.0950, 1.0040, SL 0.9780 Support levels0.9871, 0.9850, 0.9780
