USDCHF: Buying dips towards 0.9650 is preferred
|USDCHF: 0.9684
US$Chf had another squeeze higher on Tuesday, care of a further rally in EurChf, which is closing in on the previous floor of 1.2000 (today moving from 1.1945 to 1.1992). US$Chf moved up from 0.9650 to 0.9698 where it has come up against the 200 WMA but remains above the 200 DMA.
1 hour/4 hour indicators: Neutral
Daily Indicators: Turning Neutral
Weekly Indicators: Turning higher
Preferred Strategy: The short term momentum indicators look positive for further gains and there is no change to the view of trading from the long side, and as long as we remain above the rising trend support I prefer to buy the dips.
The longer term momentum indicators look as though they may be picking up a bit of speed, and if we do see a turn higher, then the 200 WMA/Weekly cloud base (0.9690/95) will again provide resistance, but above 0.9700 would open 0.9715 and then 0.9760.
If the dollar falls back below the 200 DMA/Session low at 0.9655/50, stops would be triggered and we could see a return to 0.9600, although that currently looks unlikely, but below which, further strong support will arrive at 0.9575/85.
Buying dips towards 0.9650 is preferred. SL @ 0.9620
| Resistance | Support | ||
| 0.9800 | Minor | 0.9655/50 | 200 DMA /Session low |
| 0.9760 | Minor | 0.9625 | Minor |
| 0.9740 | Minor | 0.9600 | Minor |
| 0.9710 | (61.8% of 1.0037/0.9187) | 0.9585/80 | 100 DMA /17 Apr low / Rising trend support |
| 0.9690/95/98 | 200 WMA/Weekly cloud base/Session high | 0.9577/75 | 13 Apr low /(23.6% of 0.9187/0.9698) |
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