FX.co ★ USD/CHF: Upside prevails

Overview:
USD/CHF is consolidating after hitting eight-day high of 0.9504 on Tuesday. The rate is underpinned by contagion from weak euro. But USD/CHF upside is limited by CHF demand on soft EUR/CHF cross; broadly weaker demand for haven USD amid positive investor risk sentiment. Daily chart is mixed as MACD is bearish, but stochastics is in bullish mode.

Recommendation:
Buy above 0.9495 with upside targets at 0.955 and 0.9565.

Resistance levels:
R1 - 0.955
R2 - 0.9567 (six-month high hit March 14)
R3 - 0.9608 (Sept. 5 high)
Alternative scenario:
Sell below 0.9495 with downside targets at 0.947 and 0.9445.
Support levels:
S1 - 0.9470 (Friday's low)
S2 - 0.9445
S3 - 0.94