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20.11.2012 04:15 PM
USD/CHF Intraday: Under Pressure

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Overview:
USD/CHF continue to range-trade. The rate is undermined by broadly weaker demand for safe-haven USD amid positive global risk sentiment. But risk sentiment dented by Moody's downgrade of France's rating.
Preference:
Sell below 0.943 with targets 0.9385 and 0.937 in extension.
Support Levels:
S1 - 0.9385
S2 - 0.9374 (Nov. 7 low)
S3 - 0.9355  
Alternative scenario:
Buy above 0.943. Above 0.943 look for further upside with 0.946 and 0.949 as targets.
Resistance Levels:
R1 - 0.9461 (Monday's high)
R2 - 0.9491 (Friday's high)
R3 - 0.9515 (Nov. 13 high)
Technical Comment:
As long as 0.943 is resistance, look for choppy price action with a bearish bias. Daily chart is mixed as MACD is bullish, but stochastics is falling from overbought.   

 

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