USD/CHF is consolidating in higher range. It was expected the Central Bank to reaffirm its commitment to 1.2000 euro floor versus the franc. USD/CHF is underpinned by positive USD sentiment; contagion from weak euro on franc. Daily chart is positive-biased as bullish outside-day-range pattern was completed on Wednesday; MACD is bullish, while stochastics stays elevated at overbought; five- and 15-day moving averages are rising.
Buy above the pivot point 0.949 with upside targets at 0.955 and 0.958.
R1 – 0.9550 (Friday’s six-month high)
R2 – 0.958
R3 – 0.9608 (Sept. 5 high)
Sell below 0.949 and look for downside targets at 0.947 and 0.945.
S1 – 0.947
S2 – 0.9428 (Wednesday’s low)
S3 – 0.9414 (Friday’s low)low).
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