29.11.201213:45 Forex Analysis & Reviews: USD/CHF: Under Pressure

Long-term review

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Overview:
USD/CHF is trading with risks skewed lower. The rate is undermined by broadly weaker demand for safe-haven USD as risk aversion decreases; spillover of EUR strengthens CHF.
Preference:
Sell below 0.9315 with targets 0.9275 and 0.926 in extension.
Support Levels:
S1 - 0.9275
S2 - 0.926
S3 - 0.9251-0.9244 band (Tuesday's low-Oct. 2 low)
Alternative scenario:
Buy above 0.9315. Above 0.9315 look for further upside with 0.934 and 0.936 as targets.
Resistance Levels:
R1 - 0.9341 (Wednesday's high)
R2 - 0.9358 (Friday's high)
R3 - 0.9393 (Nov. 22 high)
Techincal Comment:
As long as 0.9315 is resistance, look for choppy price action with a bearish bias. Daily chart is mixed as MACD is bearish, but stochastics is bullish at oversold.

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