USD/CHF is expected to trade with bullish bias and continue its advantage motion. The technical picture of USD/CHF is bullish above its rising 20-period and 50-period moving averages, which play support functions and keep the benefit predisposition. The relative strength index stands firmly above its neutrality level at 50 and does not have downward momentum. In addition, 1.0120 is playing a key assistance function, which ought to restrict the disadvantage capacity.
On the financial information front, MBA home loan applications increased 5.5% in the week ended November 18th from a decrease of 9.2% in the previous week. Independently, preliminary unemployed claims improved to 251k in the week ended November 19th (projected 250k) compared with 233k in the previous week. Continuing claims increased to 2.04 M in the week ended November 12th (forecasted 2.01 M) from 1.98 M a week previously. In other news, long lasting goods orders jumped 4.8% in October in a preliminary estimate (estimated 1.7%) from +0.4% in September (modified from -0.3%).
Above 1.0120, look for a further upside with targets at 1.0220 and 1.0250 in extension.
Resistance levels: 1.0220, 1.0250, 1.0295
Support levels: 1.0060, 1.0025, 0.9990
The material has actually been offered by InstaForex Business –