USD/CHF: Support Around 0.915.
USD/CHF is going to trade in the range, undermined by CHF demand on soft GBP/CHF and EUR/CHF crosses. But USD/CHF losses are tempered by the recent rhetoric from SNB officials against the franc strength. Daily chart is mixed as MACD is bullish; but stochastics are neutral, inside-day-range pattern completed Wednesday. USD/CHF remains trapped within Tuesday’s bearish outside day range between 0.9150 and 0.9217. Wednesday’s inside day suggests the range low at 0.9150 is likely to come under fresh pressure, and a downside break would expose 0.9115 and create a measured objective at 0.9083. Only a recovery above Wednesday’s high at 0.9196 would suggest a return to the 0.9217 high is on the cards.
Buy above 0.915 with targets at 0.9215 and 0.925.
R1 – 0.9217 (Tuesday’s high)
R2 – 0.925
R2 – 0.9270 (Jan. 29 high)
Sell below 0.915. The downside penetration of 0.915 will call for 0.911 and 0.906.
S1 – 0.9062
S2 – 0.9062-0.9052 band (Feb. 7 low-Feb. 6 low)
S3 – 0.9019 (Feb. 1 10-month low)
The pair stands above its support and remains on the upside, the RSI stands above its neutral area and is turning up.
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