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08.11.2012 12:40 PM
USD/CHF: The Upside Prevails

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Overview:
USD/CHF is consolidating with bullish bias after hitting near-two-month high of 0.9473 on Wednesday. The USD/CHF pair is underpinned by broadly stronger demand for safe-haven USD as risk aversion mounts.
Preference:
Buy above 0.941 with targets 0.9485 and 0.9515 in extension.
Resistance Levels:
R1 - 0.9485 (Sept. 10 high)
R2 - 0.9515
R3 - 0.9539 (100-day moving average)
Alternative scenario:
Sell below 0.941 .Below 0.941 look for further downside with 0.938 & 0.936 as targets.
Support Levels:
S1 - 0.9374 (Wednesday's low)
S2 - 0.936
S3 - 0.9309 (Friday's low)
Technical Comment: 
The pair remains on the upside and is challenging its resistance. Daily chart is positive-biased as MACD is bullish, stochastics stays elevated at overbought, bullish outside-day-range pattern completed on Wednesday; five- & 15-day moving averages are rising.

Summary
Urgency
Analytic
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