USD/CHF: Support around 0.912
USD/CHF is trading with risks skewed higher. Swiss markets are closed today for New Year’s Eve. USD/CHF is underpinned by broadly stronger demand for safe-haven USD as investor risk aversion increases amid fears over U.S. fiscal cliff. A support base at 0.912 has formed and has allowed for a temporary stabilisation. Long positions above 0.9120 are suggested with targets at 0.9165 and 0.9180 in extension. Below 0.9120 look for further downside with 0.9100 and 0.9090 as targets.
Buy above 0.912 with targets 0.9165 and 0.918 in extension.
R1 – 0.9165
R2 – 0.9181 (Friday’s high)
R3 – 0.9194 (Dec. 17 high)
Sell below 0.912. Below 0.912 look for further downside with 0.91 and 0.909 as targets.
S1 – 0.9115 (Friday’s low)
S2 – 0.9092 (Thursday’s low)
S3 – 0.9080 (seven-and-a-half month low hit Dec. 20)
A support base at 0.912 has formed and has allowed for a temporary stabilisation. Daily chart is mixed as MACD is in bearish mode; but stochastic turning bullish, five-day moving average is meandering sideways.
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