Overview:
USD/CHF is trading with risks skewed higher. The rate is underpinned by broadly stronger demand for safe-haven USD as risk appetite wanes.
Preference:
Buy above 0.933 with targets 0.9365 and 0.9385 in extension.
Resistance Levels:
R1 - 0.9365
R2 - 0.9386 (Friday's high)
R3 - 0.9418 (Oct. 11 high)
Alternative scenario:
Sell below 0.933 and look for further downside with 0.931 and 0.9285 as targets.
Support Levels:
S1 - 0.931
S2 - 0.9286 (Thursday's low)
S3 - 0.9255 (Oct. 23 low)
Technical Comment:
The pair is pulling back on its support, caution. Daily chart is positive-biased as MACD and stochastics are bullish; five-day moving average is above 15-day MA and rising; though inside-day-range pattern was completed on Monday.