FX.co ★ USD/CHF: Bias remains bullish

Overview:
USD/CHF is trading on lower range. The rate is undermined by unwinding of CHF-funded carry trades amid increased risk aversion. Daily chart is mixed as MACD is bullish, but stochastic is in bearish mode; inside-day-range pattern was completed on Monday. The RSI is mixed with a bullish bias. Long positions above 0.9215 with targets at 0.932 and 0.9345 in extension are suggested. Below 0.9215 look for further downside with 0.918 and 0.916 as targets.
Preference:
Buy above 0.9215 with targets at 0.929 and 0.932 in extension.
Resistance levels:
R1 - 0.9292 (Monday's high)
R2 - 0.9324 (Thursday's high)
R3 - 0.9346-0.9354 band (Jan. 22 high-Jan. 21 high)
Alternative scenario:
Sell below 0.9215. Below 0.9215 look for further downside with 0.918 and 0.916 as targets.
Support levels:
S1 - 0.918
S2 - 0.916
S3 - 0.914
Technical comment:
The pair is facing a pull back but stands above its previous intraday low.