USDCHF: Prefer to sell rallies
|USDCHF: 0.9730
US$Chf traded a tight range of 0.9734/76 on Wednesday leaving the outlook unchanged.
The 4 hour charts still look positive, and on the topside, back above the session high would run into offers at 0.9785, above which could see a run back to 0.9800/10. Back above here would then run towards 0.9845, although possibly not today.
The dailies though still point to further medium term weakness, and on the downside, support should be seen at around 0.9715/20 ahead of the previous session low at 0.9701. Back below 0.9700 would then open the way back to the 22 May low and then to 0.9675 and to 0.9600/40 although this looks unlikely to be seen for a while.
Selling rallies towards 0.9800, with a SL placed above 0.9820 could be a plan.
| 24 Hour: Prefer to sell rallies | Medium Term: Mildly Bearish | ||
| Resistance | Support | ||
| 0.9845 | (38.2% of 1.0100/0.9691) | 0.9734 | Session low |
| 0.9825 | 15 May high | 0.9715 | Rising trend support |
| 0.9804 | 19 May high | 0.9701 | 23 May low |
| 0.9786 | (23.6% of 1.0100/0.9691) | 0.9691 | 22 May low |
| 0.9775 | Session high | 0.9675 | Minor |
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