FX.co ★ USD/CHF under Pressure

Overview:
USD/CHF is to range-trade undermined by franc demand on buoyant CHF/JPY cross. But USD/CHF downside limited by broadly stronger demand for safe-haven USD as investor risk tolerance stays subdued amid U.S. fiscal cliff fears. The yen continues to fall against the dollar and euro, in anticipation of further easing measures from newly-appointed Japanese prime minister Shinzo Abe and his Cabinet. Late Wednesday the USD/CHF was at 0.9135 vs 0.9141, the EUR/JPY was at 113.17 vs 111.75, the EUR/USD was at 1.3221 vs 1.3182, and the GBP/USD 1.6140 from 1.6139. The Wall Street Journal Dollar Index was at 70.253 vs 70.313. Retail stocks slid amid sluggish holiday sales reports, with sales rising by the slimmest margin since 2008, according to MasterCard's SpendingPulse unit.
Preference:
Sell below 0.914 with 0.9105 and 0.9075 in sight.
Support Levles:
0.9109-0.9105 (Wednesday's low - Friday's low)
0.9080 (seven-and-a-half month low hit Dec. 20)
0.9039 (May 1 low)
Alternative scenario:
Buy above 0.915. The upside penetration of 0.915 will call for 0.917 and 0.919.
Resistance Levels:
0.9170-0.9179 band (Monday's high - Friday's high)
0.9186-0.9194 band (Dec. 18 high - Dec. 17 high)
0.9247 (Dec. 14 high)
Technical Comment:
The pair stands below its resistance and remains under pressure. Daily chart mixed as MACD in bearish mode, stochastics turning bearish; but five-day moving average is meandering sideways.