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12.11.2012 04:12 PM
USD/CHF: Bullish Bias above 0.944

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Overview:
USD/CHF is consolidating with bullish bias after hitting two-month high of 0.9502 on Friday. The rate is underpinned by positive USD sentiment; broadly stronger demand for safe-haven USD amid subdued investor risk appetite.
preference:
Buy above 0.944 with targets at 0.9495 and 0.9515 in extension.
Resistance Levels:
R1 - 0.9495
R2 - 0.9515
R3 - 0.9537 (100-day moving average), then 0.9608 (Sept. 5 high).  
Alternative scenario:
Sell below 0.944 .Below 0.944 look for further downside with 0.941 and 0.938 as targets.
Support Levels:
S1 - 0.941 (Friday's low)
S2 - 0.9374 (Wednesday's low)
S3 - 0.9309 (Nov. 2 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; five- & 15-day moving averages are rising; bullish outside-day-range pattern was completed on Friday.

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