FX.co ★ USD/CHF: Downside

Overview:
USD/CHF is trading in lower range. The range is supported by improved USD sentiment. But USD/CHF gains tempered by CHF demand on soft GBP/CHF cross and improved USD sentiment as U.S factory orders rose 3% in February and U.S. IBD/TIPP Economic Optimism Index improved to 46.2 in April from 42.2 in March. Daily chart is mixed as MACD and stochastics are in bearish mode; but five- and 15-day moving averages are meandering sideways.

Recommendation:
Sell below 0.9475 with downside targets at 0.93 and 0.9414.
Support levels:
S1 - 0.943
S2 - 0.9414 (200-day moving average)
S3 - 0.937
Alternative scenario:
Buy above 0.9475 with upside targets at 0.9526 and 0.949.
Resistance levels:
R1 - 0.9526 (Monday's high)
R2 - 0.9547-0.9553 band (Thursday's high-March 27 high)
R3 - 0.9567 (six-month high hit March 14)