USDCHF: Prefer to buy dips
|USD/CHF: 0.9961
US$Chf made further, minor gains today in line with the move lower in €/Usd, reaching the first resistance level by topping out the session at 0.9975.
As before, the charts are rather mixed and while the short term momentum indicators do hint that we may see a further recovery from current levels the daily charts look rather indecisive, but having been heading lower they are now possibly leaning to point higher so a cautious stance is probable prudent. Resistance lies ahead at 0.9975 but above which could see a return to parity and above, where 1.0030 and 1.0080 would provide hurdles. On the downside, minor support lies at 0.9935/25 and 0.9900. Back below 0.9900 further minor support will be seen at 0.9860 ahead of the 0.9815/30 area although this seems unlikely to be seen again for a while. Although rather neutral, buying dips towards 0.9920 seems to be a plan, with a tight SL placed under 0.9900.
| 24 Hour: Prefer to buy dips | Medium Term: Neutral | ||
| Resistance | Support | ||
| 1.0113 | 13 Mar high | 0.9925 | 200 HMA |
| 1.0085 | (76.4% of 1.0170/0.9813) | 0.9912 | Session low |
| 1.0031 | (61.8% of 1.0170/0.9813) | 0.9900 | 100 HMA |
| 1.0000 | Psychological | 0.9875 | Minor |
| 0.9975 | Session high | 0.9830 | 28 Mar low |
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