Overview:
USD/CHF is consolidating with bearish bias after hitting near-two-month low of 0.9204 on Tuesday. The rate is undermined by weaker USD sentiment; broadly softer demand for safe-haven USD amid increased investor risk tolerance. But USD/CHF losses tempered by CHF sales on buoyant EUR/CHF cross. Daily chart is negative-biased as MACD is bearish, while stochastics stays suppressed at oversold; five- and 15-day moving averages are falling.
Recommendation:
Sell below 0.927 with downside targets at 0.9203 and 0.9182.
Support levels:
S1 - 0.9203 (Tuesday's low)
S2 - 0.9182 (Feb. 20 low)
S3 - 0.9146 (Feb. 12 low)
Alternative scenario:
Buy above 0.927 with upside targets at 0.9301 and 0.9333.
Resistance levels:
R1 - 0.9301
R2 - 0.9332-0.9340 band (Friday's high-Thursday's high)
R3 - 0.9366 (April 9 high)
