17.02.201611:10 Forex Analysis & Reviews: Technical analysis of USD/CHF for February 17, 2016

USD/CHF is expected to prevail its upside movement. The pair stays above its key support at 0.9830 and remains on the upside. Meanwhile, the intraday RSI still stands above its 50% neutrality area. Further upside is therefore expected with the next horizontal resistance and overlap set at 0.9900 at first. A breakout above this level would call for further advance toward 0.9940 in extension.

Trading Recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.99 and the second target at 0.9940. In the alternative scenario, short positions are recommended with the first target at 0.9785 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.9750. The pivot point is at 0.9830.

Resistance levels: 0.9900, 0.9940, 0.9975

Support levels: 0.9785, 0.9750, 0.9715