Swiss franc erases previous loss against US dollar, sell on rallies

• Pair is currently trading at 0.9917 levels.
   
• It made intraday high at 0.9936 and low at 0.9908 levels.
   
• Intraday bias remains bearish below the 1.0073 levels.
   
• 10, 25 and 50D EMA heads down, which signals bearish trend.
   
• Upside of recovery should be limited below 0.9972 resistance levels and bring another fall.
   
• A daily close above 0.9972 levels will turn near term outlook bullish.
   
• Alternatively, correction from 0.9968 levels will take the parity towards 0.9662 and 0.9475 thereafter.

We prefer to take short position is USD/CHF around 0.9935, stop loss 1.0073 and target 0.9784/0.9662 levels.