USDCHF: A tight range of 0.9896/9935 on Monday

Jim Langlands FX Charts

USDCHF: 0.9919

US$Chf has traded a tight range of 0.9896/9935 on Monday, and something similar may be in store on Tuesday as traders stand aside ahead of the FOMC/SNB/ECB Meetings due Wed/Thur.

1 hour/4 hour indicators: Turning lower

Daily Indicators: Neutral

Weekly Indicators: Neutral

Preferred Strategy: With the short term charts looking heavy, a test of 0.9900/0.9875 would not surprise although the daily momentum indicators still look mildly constructive, and buying dips is still preferred as I suspect that we could eventually see a run back to 1.0000 and possibly to 1.0040.

Buy US$Chf @ 0.9885. SL @ 0.9830, TP @ 0.9980.

Resistance		Support
1.0000	Psychological	0.9896	Session low
0.9971	8 Dec high	0.9985	(38.2% of 0.9742/0.9977)
0.9965	(76.4% of 0.1137/0.9816)	0.9854	6 Dec low / (50% of 0.9742/0.9977)
0.9950	Minor	0.9835	100 WMA /5 Dec low
0.9935	Session high	0.9800	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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