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USD/CHF is expected to trade in higher range as the bias remains bullish. The pair stands firmly above its horizontal support at 0.9705, and is trading on the upside. Besides, the rising 50-period moving average should push the prices higher. In addition, the relative strength index is around its neutrality area at 50, but is mixed to bullish.
U.S. stock indexes plunged over 2% as recent comments by a number of U.S. Federal Reserve officials fueled speculation of the central bank raising interest rates this month the soonest. The U.S. dollar gained 0.3% to 95.33 producing a winning streak of three days and 0.5% in total. The Euro lacked steam to push higher even though European Central Bank President Mario Draghi downplayed the need for more stimulus measures.
As long as 0.9705 is support, look for a new rise to 0.9780. A break above this level would open the way to further upside toward the next resistance at 0.9810.
Besides, the relative strength index is still above its neutrality area at 50. Hence, as long as 0.9665 holds on the downside, we are positive and expect a new bounce to 0.9740 and 0.9770 in extension.
Resistance levels: 0.9780, 0.9810, 0.9850
Support levels: 0.9680, 0.9645, 0.9610
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