The Swiss franc strengthened its position against the US dollar after another batch of weak economic data. Stock indices fall and the increased demand for safe-haven assets played they role as well. Switzerland published Industrial Production for Q4, the indicator came in at -7.7% y/y, the previous value was -6.7% y/y in Q3.
The first support resides at 0.9850, the next is at 0.9750. The first resistance stands at 0.9960, the next one is at 1.0100.
The price is in the Ichimoku Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement forming a “Dead Cross”.
The MACD indicator is in a neutral territory. The price is decreasing.
We advise to short with the first target - 0.9850. When the pair consolidates below the first target, we can open deals to the level of 0.9750.