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Technical analysis of USD/CHF for November 06, 2015

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USD/CHF is expected to trade with a bullish bias as the pair is continuing its rebound. The pair is still in a bullish trend, backed by its rising 50-period MA. The nearest key support level at 0.9915 should hold any downward attempts. Besides, the process of higher highs and lows remains intact. In these prospect, as long as 0.9915 is not broken, the pair is likely to advance to 1.0000 (a key psychological level) and then to 1.0030.

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 1.00 and the second target at 1.0030. In the alternative scenario, short positions are recommended with the first target at 0.9880 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 0.9840. The pivot point is at 0.9915.

Resistance levels: 1.000 1.0030 1.0060

Support levels: 0.9880 0.9840 0.98



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