USDCHF: Prefer to sell rallies
|USD/CHF: 0.9982
US$Chf remained heavy into the weekend but remained within a tight range of 0.9942/86
As with EurUsd, the 4 hour momentum indicators seem to be picking up some support while at the same time the dailies are pointing increasingly lower, so in the short term we may be in for some choppy sideways trade but the preference is to sell dollars into any rally back towards parity. On the downside, 0.9940 is currently providing minor support but if that is taken out it could be that we make our way towards the 200 DMA at 0.9910, below which could then head towards 0.9850/70, albeit not yet.. On the topside, resistance will be seen at 1.0000/15, beyond which could head back to the 100 DMA, currently at 1.0060. Selling rallies seems to be the short term plan although back above 1.0020 may then signal further choppy sideways trade.
| 24 Hour: Prefer to sell rallies | Medium Term: Neutral | ||
| Resistance | Support | ||
| 1.0138 | 10 Mar high | 0.9941 | Friday low |
| 1.0100 | 14 Mar high | 0.9930 | 8 Feb low |
| 1.0060 | 100 DMA | 0.9915 | 200 DMA |
| 1.0015 | 16 Mar high | 0.9900 | Minor |
| 1.0000 | Psychological | 0.9870 | Minor |
Economic data highlights will include:
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T: SECO Economic Forecast, Trade Balance
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