USD/CHF is consolidating with bullish bias after hitting near-four-month high of 0.9488 on Wednesday. The rate is buoyed by positive USD sentiment; contagion from weak the euro on the franc; CHF demand on buoyant EUR/CHF cross. Daily chart is positive-biased as MACD is bullish, stochastics stays elevated at overbought, five- and 15-day moving averages are rising.
Buy above 0.944 with first target at 0.9495 and second target at 0.9525 in extension.
R1 – 0.9488-0.9491 (Wednesday’s high-Nov. 16 high)
R2 – 0.9515-0.9525 (Nov. 13 reaction high)
R3 – 0.9545
Sell below 0.944 and look for downside targets at 0.941 and 0.9385.
S1 – 0.941
S2 – 0.9386 (Tuesday’s low)
S3 – 0.9352 (Friday’s low)
RSI is slightly above its oversold area and rebound is expected.
The material has been provided by InstaForex Company – www.instaforex.com