USDCHF: Prefer to buy dips
|USDCHF: 0.9754
US$Chf traded a little higher on Monday and after an early dip to 0.9695 it headed up to finish at the highs of 0.9755, leaving the mildly bullish outlook unchanged.
If we do see further gains, 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, minor support will arrive at 0.9720 and again at the session low of 0.9695 although this looks a little doubtful to be seen again on Tuesday. Below their though 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 | 0.9720 | Minor |
| 0.9825 | 18 May high | 0.9695 | Session low |
| 0.9807 | 30 May high | 0.9675 | 200 HMA |
| 0.9770 | 15 June high | 0.9640 | 100 MMA/14 June low |
| 0.9758 | Session high | 0.9613/16 | 6 June low /9 June low |
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