USDCHF: Prefer to sell rallies
|USDCHF: 0.9729
US$Chf remains choppy but at this point is holding on above 0.9700, after a tight range of 0.9700/38).
The 4 hour charts now look pretty neutral, possibly pointing slightly higher, and on the topside, back above 0.9740 would open the way to 0.9775/85, 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, good support should be seen at 0.9700, but below 0.9690 would then open the way back to 0.9675 and to 0.9600/40 although this looks unlikely to be seen today.
Selling rallies towards 0.9775, with a SL placed above 0.0.9800 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) | 0.9700 | Session low |
| 0.9825 | 15 May high | 0.9691 | 22 May low |
| 0.9804 | 19 May high | 0.9675 | Minor |
| 0.9786 | (23.6% of 1.0100/0.9691) | 0.9635 | Minor |
| 0.9775 | 24 May high | 0.9600 | Minor |
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