FxWirePro: USD/CHF reverses recent rally, but bias is still bullish

USD/CHF pair edged lower on Tuesday, as the demand for safe heaven assets increased as recent rebound in oil prices and stocks faded. However downside is set to be limited as pair finds strong support at 00.9850.

• 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 1.0046.
   
• To the downside strong support can be seen 0.9885, a break below this level will take the pair to next level at 0.9850.

Recommendation: Go long around 0.9880, targets 1.0980, 1.0050, SL 0.9780

Support levels: 0.9880, 0.9850, 0.9780

Resistance levels: 1.0000, 1.0046, 1.0077