USDCHF: A tight range of 0.9896/9935 on Monday
|USDCHF: 0.9919
US$Chf has traded a tight range of 0.9896/9935 on Monday, and something similar may be in store on Tuesday as traders stand aside ahead of the FOMC/SNB/ECB Meetings due Wed/Thur.
1 hour/4 hour indicators: Turning lower
Daily Indicators: Neutral
Weekly Indicators: Neutral
Preferred Strategy: With the short term charts looking heavy, a test of 0.9900/0.9875 would not surprise although the daily momentum indicators still look mildly constructive, and buying dips is still preferred as I suspect that we could eventually see a run back to 1.0000 and possibly to 1.0040.
Buy US$Chf @ 0.9885. SL @ 0.9830, TP @ 0.9980.
| Resistance | Support | ||
| 1.0000 | Psychological | 0.9896 | Session low |
| 0.9971 | 8 Dec high | 0.9985 | (38.2% of 0.9742/0.9977) |
| 0.9965 | (76.4% of 0.1137/0.9816) | 0.9854 | 6 Dec low / (50% of 0.9742/0.9977) |
| 0.9950 | Minor | 0.9835 | 100 WMA /5 Dec low |
| 0.9935 | Session high | 0.9800 | Minor |
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