FX.co ★ USD/CHF Intraday: Upside Prevails

Overview:
USD/CHF is consolidating with bullish bias after hitting two-month high of 0.9483 on Thursday. USD/CHF is underpinned by broadly stronger demand for safe-haven USD amid negative global risk sentiment; rise in Swiss unemployment rate to 2.9% in October from 2.8% in September. But USD/CHF gains tempered by positions adjustment before U.S. long weekend.
Preference:
LONG positions above 0.941 with 0.9485 and 0.9515 in sight.
Resistance Levels:
R1 - 0.9483-0.9485 (Thursday's high-Sept. 10 high)
R2 - 0.9515
R3 - 0.9538 (100-day moving average)
Alternative scenario:
The downside breakout of 0.941 will open the way to 0.938 and 0.936.
Support Levels:
S1 - 0.938
S2 - 0.936
S3 - 0.934 (Wednesday's low)
Technical Comment:
The pair is facing a pull back on its support. Daily chart is positive-biased as MACD is bullish, stochastics stays elevated at overbought; five- & 15-day moving averages are rising.