FX.co ★ USD/CHF: Under Pressure

Overview:
USD/CHF is consolidating after hitting seven-day low of 0.9240 on Wednesday, as markets await 08:30 GMT Swiss National Bank monetary-policy decision; central bank is not expected to make any major changes to its monetary policy. USD/CHF is undermined by broadly softer demand for safe-haven USD aid positive risk appetite. But USD/CHF losses tempered by imposition of negative rates on Swiss franc deposits by Credit Suisse and UBS.
Preference:
Sell positions below 0.9295 with targets 0.9245 and 0.9210 in extension.
Support Levels:
S1 - 0.9240-0.9239 (Wednesday's low-Dec. 3 low)
S2 - 0.9210 (Oct. 17 reaction low)
S3 - 0.9191 (May 8 low)
Alternative scenario:
Buy above 0.9295. Above 0.9295 look for further upside with 0.9325 and 0.9345 as targets.
Resistance Levels:
R1 - 0.9326 (Wednesday's high)
R2 - 0.9345
R3 - 0.9367-0.9371 (Tuesday's high-Monday's high)
Technical Comment:
As long as 0.9295 is resistance, look for choppy price action with a bearish bias. Daily chart is negative-biased as MACD and stochastic turned bearish; bearish parabolic stop-and-reverse signal hit at 0.9257 on Wednesday.