USD/CHF is expected to extend its upside movement. The pair recorded a succession of higher tops and higher bottoms since January 10 and is holding on the upside. The upward momentum is further reinforced by 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 0.9925 holds on the downside, look for a further upside toward 0.9970 and even 0.9990 in extension.
Resistance levels: 0.9970, 0.9985, and 1.000
Support levels: 0.9910, 0.9890, and 0.9850
