US$Chf fell hard through the 0.9570 support on Friday
|USDCHF: 0.9638
US$Chf fell hard through the 0.9570 support on Friday, spiking down to 0.9535 before an impressive rally saw the dollar close on its highs at 0.9630, with the short term momentum indicators looking positive for further gains in the coming session, albeit that the dailies still point lower.
1 hour/4 hour indicators: Turning higher Daily Indicators: Turning lower Weekly Indicators: Neutral
Preferred Strategy: The daily charts still look heavy but the 4 hour momentum indicators look more constructive on Monday, hinting that we could then see a retest of the 0.9650/65 area, above which could see a return towards 0.9700/20. On the downside, support will be seen at 0.9600 and again at 0.9570. I don’t think we see it here today but if wrong, look for a return to the strong support area at 0.9550 and then again at 0.9535, below which could open the way to 0.9500.
| Resistance | Support | ||
| 0.9700 | 38.2% of 1.0004 /0.9535 | 0.9600 | Minor |
| 0.9665 | 18 Jan high | 0.9570 | 17 Jan low |
| 0.9650 | 17 Jan high | 0.9550 | 100 MMA /Rising trend support |
| 0.9637 | 23.6% of 1.0004 /0.9535 | 0.9535 | Friday low |
| 0.9628 | Friday high | 0.9515 | Minor |
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