USDCHF: Prefer to sell rallies
|USDCHF: 0.9985
US$Chf has had a rangebound session (0.9956/0.9990) leaving the outlook unchanged
As with yesterday, the 4 hour momentum indicators seem to be picking up some support, while at the same time the dailies are pointing increasingly lower, so we may be in for some choppy sideways trade. The preference remains to sell dollars into any rally at around 1.0010/15, but beyond which could head back to the 100 DMA, currently at 1.0060. On the downside, back below the session low of 0.9956 would find further, minor support at around 0.9940.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 today. Given the slightly negative look of the daily charts, selling rallies seems to be the short term plan although back above 1.0020 may then signal further choppy sideways trade. Keep SL on any shorts at around 1.0025/30.
| 24 Hour: Prefer to sell rallies | Medium Term: Neutral | ||
| Resistance | Support | ||
| 1.0138 | 10 Mar high | 0.9956 | Session low |
| 1.0100 | 14 Mar high | 0.9941 | 17 March low |
| 1.0060 | 100 DMA | 0.9930 | 8 Feb low |
| 1.0015 | 16 Mar high | 0.9915 | 200 DMA |
| 1.0000 | Psychological | 0.9870 | 2 Feb low |
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