USD/CHF: Under pressure
USD/CHF is trading with risks skewed lower. The rate is undermined by CHF demand on retreating EUR/CHF cross; profit-taking on USD-longs and undermined by amid decreased risk appetite (VIX fear gauge rose 6.14% to 12.27, S&P fell 0.24% overnight); profit-taking on USD-longs after extended dollar advance. Daily chart is mixed as MACD is bullish, but stochastics has turned bearish at overbought.
Sell below the pivot point 0.9505 with downside targets at 0.9433 and 0.9398.
S1 – 0.9433 (Tuesday’s low)
S2 – 0.9406-0.9398 band (Thursday’s low-March 6 low)
S3 – 0.9386 (March 5 low)
Buy above 0.9505 and look for upside targets at 0.955 and 0.9608.
R1 – 0.9550 (Friday’s six-month high)
R2 – 0.9608 (Sept. 5 high)
R3 – 0.9634 (Aug. 28, 2012 high)
The material has been provided by InstaForex Company – www.instaforex.com