USDCHF: 24 Hour: Mildly bearish – Prefer to buy dips

Jim Langlands FX Charts

USD/CHF: 1.0076

US$Chf had a choppy Friday, heading down to 1.0025 before recovering to finish at the day’s highs of 1.0080.

The dailies still look mildly constructive, and the short term momentum indicators are now also pointing higher, so a retest of 1.0100/15 and then 1.0140, the 22 Feb high. Beyond there will see decent sellers at 1.0160 and at 1.0200, although this looks likely to be delayed for a while. On the downside, support will be seen at 1.0050/55, below which we might head back towards minor support at 1.0020 ahead of the 1.000 pivot. Below here may be tricky, but if wrong we would break below the rising trend support and could see a run back to the 17 Feb low of 0.9965. Buying dips still seems to be the plan given that the dailies look positive, but keep a SL below 1.0000.

24 Hour: Mildly bearish – Prefer to buy dips		Medium Term: Prefer to buy dips
Resistance		Support
1.0200	Minor	1.0055	200 HMA
1.0160	(61.8% of 1.0343/0.9861)	1.0024	Friday low
1.0140	22 Feb high /Daily cloud top	1.0010/15	20 Feb low /Rising trend support
1.0115	23 Feb high	0.9965	17 Feb low
1.0080	Friday high	0.9950	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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