USD/CHF is expected to extend its upside movement and post some further upside targets. The pair broke above its 50-period moving average, which is playing a support role and maintains the upside bias, and is holding on the upside. Additionally, 0.9810 (a low seen on June 15,18 and 19) represents a significant key support level, which should limit the downside potential. Meanwhile, the relative strength index is bullish above its neutrality area at 50 and lacks downward momentum. Hence, as long as 0.9810 holds on the downside, further advance is expected with the next horizontal resistance at 0.9900 and even 0.9920 in extension. Only a break below 0.9810 would turn the outlook to negative with downside targets at 0.9780 and 0.9760.
Resistance levels: 0.9900, 0.9920, 0.9975
Support levels: 0.9780, 0.9760, 0.9735
