USD/CHF: Bias remains bullish
USD/CHF is trading on lower range. The rate is undermined by unwinding of CHF-funded carry trades amid increased risk aversion. Daily chart is mixed as MACD is bullish, but stochastic is in bearish mode; inside-day-range pattern was completed on Monday. The RSI is mixed with a bullish bias. Long positions above 0.9215 with targets at 0.932 and 0.9345 in extension are suggested. Below 0.9215 look for further downside with 0.918 and 0.916 as targets.
Buy above 0.9215 with targets at 0.929 and 0.932 in extension.
R1 – 0.9292 (Monday’s high)
R2 – 0.9324 (Thursday’s high)
R3 – 0.9346-0.9354 band (Jan. 22 high-Jan. 21 high)
Sell below 0.9215. Below 0.9215 look for further downside with 0.918 and 0.916 as targets.
S1 – 0.918
S2 – 0.916
S3 – 0.914
The pair is facing a pull back but stands above its previous intraday low.
The material has been provided by Instaforex Company – http://www.instaforex.com/