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24.10.2012 12:41 PM
USD/CHF: Bullish Bias Above 0.9285

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Overview:
USD/CHF is consolidating with bullish bias after hitting six-day high of 0.9343 on Tuesday. The rate is underpinned by broadly stronger demand for safe-haven USD amid higher risk aversion. However, USD/CHF gains tempered by positions adjustment before U.S. FOMC monetary policy announcement.
Preference:
Buy above 0.9285 with first 0.9345 and 0.936 in extension.
Resistance Levels:
0.9343 (Tuesday's high)
0.9371 (Oct. 15 high)
0.9418 (Oct. 11 high)  
Alternative scenario:
Below 0.9285 look for further downside with 0.927 and 0.9245 as targets.
Support Levels:
S1 - 0.927
S2 - 0.9244 (Monday's low)
S3 - 0.9210 (Oct. 17 low)  
Comment:
The pair is rebounding and should post further advance as the RSI is well directed. Daily chart is positive-biased as stochastics is rising from oversold, MACD has turned bullish.


 

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