USDCHF: 24 Hour: Mildly bearish – Prefer to buy dips
|USD/CHF: 1.0076
US$Chf had a choppy Friday, heading down to 1.0025 before recovering to finish at the day’s highs of 1.0080.
The dailies still look mildly constructive, and the short term momentum indicators are now also pointing higher, so a retest of 1.0100/15 and then 1.0140, the 22 Feb high. Beyond there will see decent sellers at 1.0160 and at 1.0200, although this looks likely to be delayed for a while. On the downside, support will be seen at 1.0050/55, below which we might head back towards minor support at 1.0020 ahead of the 1.000 pivot. Below here may be tricky, but if wrong we would break below the rising trend support and could see a run back to the 17 Feb low of 0.9965. Buying dips still seems to be the plan given that the dailies look positive, but keep a SL below 1.0000.
| 24 Hour: Mildly bearish – Prefer to buy dips | Medium Term: Prefer to buy dips | ||
| Resistance | Support | ||
| 1.0200 | Minor | 1.0055 | 200 HMA |
| 1.0160 | (61.8% of 1.0343/0.9861) | 1.0024 | Friday low |
| 1.0140 | 22 Feb high /Daily cloud top | 1.0010/15 | 20 Feb low /Rising trend support |
| 1.0115 | 23 Feb high | 0.9965 | 17 Feb low |
| 1.0080 | Friday high | 0.9950 | Minor |
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