Will USD/CHF remain on the offer below 0.9060?
USD/CHF has since the 2012 highs printed in early January at 0.9596 been in a downtrend, which was confirmed on the 23rd of January when the pair closed below the 50-day moving average and has remained there since. At the moment the pair is testing key support at 0.9066, which is the low from November 30th 2011. This morning, on back of USD-selling, the pair is now testing this level and should risk-sentiment continue to favour an increase, the pair should remain on the offer. A close below would open up for a test of the 0.90-figure before the 61.8% Fibonacci level in the 0.8567-0.9596-wave at 0.8961. On the upside, resistance is seen at 0.9160 before 0.9205 (38.2% fibo.) Bullish sentiment confirmed at a close above the 50-day moving average, currently at 0.9302.
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