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29.03.2013 04:25 PM
USD/CHF: Under pressure

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Overview:
USD/CHF is trading with risks skewed lower. Switzerland's markets are shut today for Good Friday holiday. USD/CHF is undermined by broadly weaker demand for haven USD amid improved risk sentiment; spillover from renewed euro strength on franc. But USD/CHF losses tempered by positions adjustment before weekend. Daily chart is mixed as stochastics is bullish, but MACD is still in bearish mode.
Recommendation:
Sell below 0.955 with downside targets at 0.947 and 0.944.  
Support levels: 
S1 - 0.9470 (Friday's low) 
S2 - 0.944 
S3-  0.9416 (200-day moving average)  
Alternative scenario:
Buy above 0.949 with upside target at 0.9567.
Resistance levels:
R1 - 0.9567 (six-month high hit March 14)
R2 - 0.9608 (Sept. 5 high)
R3 - 0.9625

 

 

 

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