Overview:
USD/CHF is trading above 0.93. The rate is undermined by CHF demand on buoyant CHF/JPY as weak yen sentiment supports the cross and broadly weaker demand for safe-haven USD amid positive investor risk sentiment. But USD/CHF losses tempered by CHF sales on rebounding EUR/CHF cross. Daily chart is negative-biased as MACD and stochastics are in bearish mode; five-day moving average is below 15-day MA and falling.
Recommendation:
Buy above 0.930 with upside targets at 0.94 and 0.9435.
Resistance levels:
R1 - 0.94
R2 - 0.9433 (Friday's high)
R3 - 0.946
Alternative scenario:
Sell below 0.930 with downside targets at 0.928 and 0.923.
Support levels:
S1 - 0.9280 (Feb. 28 low)
S2 - 0.9230 (Feb. 25 low)
S3 - 0.9182 (Feb. 20 low)
