Overview:
USD/CHF consolidates with bearish bias after hitting five-week low of 0.9251 this morning. The rate is undermined by spillover of EUR strength on CHF as worries over Greece recede; weaker USD sentiment.
Preference:
Sell below 0.93 with targets 0.924 and 0.922.
Support Levels:
S1 - 0.9244 (Oct. 2 low)
S2 - 0.9210 (Oct. 17 reaction low)
S3 - 0.9191 (May 8 low)
Alternative scenario:
Buy above 0.93. The upside penetration of 0.93 will call for 0.933 & 0.936.
Resistance Levels:
R1 - 0.9300 (Monday's high)
R2 - 0.9358 (Friday's high)
R3 - 0.9393 (Thursday'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, although latter at oversold; five-day moving average is below 15-day MA and falling.
