Overview:
USD/CHF is consolidating as markets await 11:45 GMT ECB interest rate announcement. USD/CHF supported by positive USD sentiment. But USD/CHF upside limited by broadly weaker demand for safe-haven USD as risk appetite improves; caution ahead of tomorrow's U.S. non-farm payrolls data.
Preference:
Long positions above 0.934 with 0.9395 and 0.9415 as next targets.
Resistance Levels :
0.9399 (Wednesday's high, matching 200-day moving average)
0.9415 *** intraday resistance
0.9438 (Monday's high)
0.9473 (Sept. 11 high).
Alternative scenario:
The downside breakout of 0.934 will open the way to 0.928 and 0.925.
Support Levels :
0.9281 (Sept. 21 low)
0.9257-0.9249 band (Sept. 20 low-Sept. 18 low)
0.9235 band (Sept.14 four-month low).
Comment:
Daily chart is mixed as MACD is bullish, but stochastics is turning to be bearish; 5-day moving average meandering sideways. the pair is supported by a rising trend line currently around 0.934.