USD/CHF: Under pressure
USD/CHF is consolidating in lower range after hitting six-month high of 0.9567 on Thursday. CHF sentiment dented after Swiss National Bank Thursday reaffirmed its commitment to 1.2000 euro floor versus the franc and warned that Switzerland faced sluggish economic growth going forward. But USD/CHF is weighed by broadly weaker demand for safe-haven USD amid positive global risk sentiment; CHF demand on weaker EUR/CHF cross; profit-taking on USD-longs before weekend. Data focus: 08:15 GMT Swiss February PPI, import price index.
Sell below the pivot point at 0.9475 with downside targets at 0.9385 and 0.935.
S1 – 0.9386 (March 5 low)
S2 – 0.935 (March 1 low)
S3 – 0.9325
Buy above 0.9475 with 0.951 and 0.955 as targets.
R1 – 0.9510
R2 – 0.955
R3 – 0.9567 (Thursday’s high)
Daily chart is still positive-biased as MACD is bullish, while stochastics stays elevated at overbought.
The material has been provided by InstaForex Company – www.instaforex.com