Overview:
USDCHF is trading in higher ranges. The upward movement is supported by strong US household and initial jobless claim data. USD/CHF losses tempered by imposition of negative rates on Swiss franc deposits by Credit Suisse and UBS; broadly stronger demand for safe-haven USD as risk appetite falls; positions adjustment before weekend. It is recommended to buy above 0.932. The pair will remain upside above unless it crosses 0.932. Bears will try to make 0.9395 a strong resistance and will try to move the price toward 0.925.
Preference:
Buy above 0.932 with targets at 0.9395 and 0.941 in extension.
Resistance levels:
R1 - 0.9395
R2 - 0.941
R3 - 0.945
Alternative scenario:
Sell below 0.932. Below 0.932 look for further downside with 0.929 and 0.925 as targets.
Support levels:
S1 - 0.929
S2 - 0.925
S3 - 0.922
Technical comment:
The pair is facing a pullback but remains within a bullish channel.
