Overview:
USD/CHFis supposed to consolidate after hitting two-week high of 0.9245 Thursday, underpinned by contagion from the weak euro on the franc, recent rhetoric from SNB officials against the franc strength. But USD/CHF gains are tempered by CHF demand on soft GBP/CHF and EUR/CHF crosses, positions adjustment before weekend. Daily chart is positively biased as MACD & stochastics are in bullish mode, five-day moving average is above 15-day MA and is rising.
Preference:
Sell below 0.9245 with targets at 0.917 and 0.915 in extension.
Support Levels:
S1 - 0.9169 (Thursday's low)
S2 - 0.9153-0.9150 (Wednesday's low-Tuesday's low)
S3 - 0.912
Alternative scenario:
Buy above 0.9245. Above 0.9245 look for further upside with 0.929 and 0.9323 as targets.
Resistance Levels:
R1 - 0.9292 (Jan. 28 high)
R2 - 0.9324 (Jan. 24 high)
R3 - 0.934
Technical Comment:
The RSI lacks an upward momentum.
