USDCHF: Prefer to buy dips
|USDCHF: 0.9739
US$Chf traded a tight 30 point range on Friday, leaving the outlook unchanged.
Above last Thursday’s high of 0.9770 would allow a run towards 0.9785 and to 0.9800/05. Beyond there opens the way to 0.9825 and possibly higher, towards 0.9850 and eventually to 0.9915
On the downside, support will arrive at 0.9730 and again at the 15 June low at around 0.9700, which looks to be a decent buy area if we get there. Below 0.9700 would see a move back to 0.9675 and then towards the 100 MMA/14 June low which would provide strong support although it is looking increasingly distanUSDCHF: 0.9739
US$Chf traded a tight 30 point range on Friday, leaving the outlook unchanged.
Above last Thursday’s high of 0.9770 would allow a run towards 0.9785 and to 0.9800/05. Beyond there opens the way to 0.9825 and possibly higher, towards 0.9850 and eventually to 0.9915
On the downside, support will arrive at 0.9730 and again at the 15 June low at around 0.9700, which looks to be a decent buy area if we get there. Below 0.9700 would see a move back to 0.9675 and then towards the 100 MMA/14 June low which would provide strong support although it is looking increasingly distant.
With the daily momentum indicators leaning higher, I still prefer to trade from the long side, looking to buy dips towards the 0.9700 with a SL placed under 0.9675. A move above 0.9807 would add to the bullish theory.
| 24 Hour: Prefer to buy dips | Medium Term: Prefer to buy dips | ||
| Resistance | Support | ||
| 0.9846 | 17 May high | 0.9726 | Friday low |
| 0.9825 | 18 May high | 0.9703 | 15 June low |
| 0.9807 | 30 May high | 0.9675 | 200 HMA |
| 0.9770 | 15 June high | 0.9640 | 100 MMA/14 June low |
| 0.9756 | Friday high | 0.9613/16 | 6 June low /9 June low |
Economic data highlights will include:
M:
T: SECO Economic Forecasts
W: SNC Quarterly Bulletin
T: Trade Balance
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