US$Chf fell hard through the 0.9570 support on Friday

Jim Langlands FX Charts

USDCHF: 0.9638

US$Chf fell hard through the 0.9570 support on Friday, spiking down to 0.9535 before an impressive rally saw the dollar close on its highs at 0.9630, with the short term momentum indicators looking positive for further gains in the coming session, albeit that the dailies still point lower.

1 hour/4 hour indicators: Turning higher Daily Indicators: Turning lower Weekly Indicators: Neutral

Preferred Strategy: The daily charts still look heavy but the 4 hour momentum indicators look more constructive on Monday, hinting that we could then see a retest of the 0.9650/65 area, above which could see a return towards 0.9700/20. On the downside, support will be seen at 0.9600 and again at 0.9570. I don’t think we see it here today but if wrong, look for a return to the strong support area at 0.9550 and then again at 0.9535, below which could open the way to 0.9500.

Resistance		Support
0.9700	38.2% of 1.0004 /0.9535	0.9600	Minor
0.9665	18 Jan high	0.9570	17 Jan low
0.9650	17 Jan high	0.9550	100 MMA /Rising trend support
0.9637	23.6% of 1.0004 /0.9535	0.9535	Friday low
0.9628	Friday high	0.9515	Minor

Author

Jim Langlands

FX Charts

Jim Langlands began his trading career in the commodities markets in London in 1976, before moving to Australia in 1979 to work as a floor trader on the Sydney Futures Exchange.

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