Overview:
USD/CHF continues to trade in lower range. The rate is undermined by broadly weaker demand for safe-haven USD amid positive risk sentiment. But USD/CHF losses tempered by positions adjustment before weekend.
Preference:
Sell below 0.9375 with 0.933 and 0.931 as next targets.
Support Levels:
S1 - 0.9335 (Thursday's low)
S2 - 0.9309 (Nov. 2 low)
S3 - 0.9291 (Nov. 1 low)
Alternative scenario:
Buy above 0.9735. The upside breakout of 0.9375 will open the way to 0.939 and 0.9415.
Resistance Levels:
R1 - 0.9393 (Thursday's high)
R2 - 0.9425
R3 - 0.9460 (Wednesday's high)
Technical Comment:
The pair stands below its resistance and remains under pressure. Daily chart is negative-biased as MACD and stochastics are bearish; five-day moving average is below 15-day MA and falling.
