USD/CHF is expected to extend its upside movement. The pair recorded a succession of higher tops and higher bottoms since Jan 10 and is holding on the upside. The upward momentum is further reinforced by its rising 20-period moving average, which is playing a support role. The relative strength index is above its neutrality level at 50 and lacks downward momentum.
As long as 1.0125 holds on the downside, look for a further upside toward 1.0195 and even 1.0220 in extension.
Resistance levels: 1.0195, 1.0220, 1.0240
Support levels: 1.0105, 1.0090, 1.0055
