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13.11.2012 01:18 PM
USD/CHF: Further Advance

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Overview:
USD/CHF is trading with bullish bias. The rate is underpinned by broadly stronger demand for safe-haven USD amid subdued investor risk appetite. But USD/CHF gains tempered by CHF demand on soft EUR/CHF cross.
Preference:  
Buy above 0.9465 with targets 0.953 and 0.9545 in extension.
Resistance Levels:
R1 - 0.9536 (100-day moving average)
R2 - 0.9545
R3 - 0.9591 (50% retracement)  
Alternative scenario:
Sell below 0.9465. Below 0.9465 look for further downside with 0.944 and 0.941 as targets.
Support Levels:
S1 - 0.944
S2 - 0.941
S3 - 0.9374 (Wednesday's low)
Technical Comment:
The RSI is bullish and calls for further advance. Daily chart is positive-biased as MACD is bullish, stochastics stays elevated at overbought; five- & 15-day moving averages are rising.  

 

Summary
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