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22.10.2012 11:26 AM
USD/CHF: Technical Analysis

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Overview:
USD/CHF is trading in a higher range. The rate is underpinned by broadly stronger demand for safe-haven USD amid increased risk aversion. But USD/CHF gains tempered by CHF demand on EUR/CHF cross.
Preference:
Long positions above will be suitable in a scenario where technical indicators are showing bullish intraday indications. Buy above 0.9245 with the first target at 0.9305 and the second target at 0.9345 in extension.
Resistance Levels:
R1 - 0.9305
R2 - 0.9345
R3 - 0.9371 (Oct. 15 high)   
Alternative scenario:
In case market moves opposite, sell below 0.9245 and look at further downside move with 0.921 and 0.919 as targets.
Support Levels:
S1 - 0.9210 (Wednesday's low)
S2 - 0.9191 (May 8 low)
S3 - 0.9039 (May 1 reaction low) 
Comment:
The pair is facing a pullback on its support. Daily chart is mixed as MACD is bearish, but stochastics has turned bullish as the pair is oversold.

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