USD/CHF reached 0.8802 high in European morning, but retraced back to 0.8780 at the moment. Although we saw some interest for risk in the markets, the situation may change quite fast. The pair already tried to nest above 0.88 area, but bumped into sellers, and retraced back to 0.8780 at the moment. Even disappointing data on Swiss industrial production was not able to stop the slide. The nearer the weekend and the Crimean referendum, the more risk aversion we will see. And this is good news for the Swissy that has potential to rise again by Friday. Thus, every time the pair reaches attractively high levels we may see new waves of sell-off with the initial target at 0.8762 support level followed by 0.8745. Today's central pivot point can be found at 0.8778 with support below at 0.8762, 0.8745 and 0.8729, with resistance above at 0.8795, 0.8811, and 0.8828. Hourly Moving Averages are largely bearish, with the 200SMA at 0.8839 and the daily 20EMA bearish at 0.8874. Hourly RSI is neutral at 54.