FX.co ★ USD/CHF: Under pressure

Overview:
USD/CHF continues to range-trade. CHF sentiment boosted after Swiss January ZEW-Credit Suisse economic expectations index improved sharply to --6.9 in January from --15.5 in December. But USD/CHF downside is limited by CHF-funded carry trades amid positive investor risk sentiment. Daily chart is mixed as MACD bullish, but stochastic is falling from overbought; inside-day-range pattern was completed on Wednesday.
Preference:
Sell below 0.9345 with targets at 0.927 and 0.921 in extension.
Support levels:
S1 - 0.9275-0.9272 (Wednesday's low-Tuesday's low)
S2 - 0.9208 (Jan. 15 low)
S3 - 0.916
Alternative scenario:
Buy above 0.9345. Above 0.9345 look for further upside with 0.939 and 0.941 as targets.
Resistance levels:
R1 - 0.9389 (Friday's high)
R2 - 0.941
R3 - 0.9434 (200-day moving average)
Technical comment:
The RSI has just broken below a rising trendline.