USDCHF: 0.9781
US$Chf had another squeeze higher on Monday as it moved up from 0.9750 to 0.9787, closing at the highs.
1 hour/4 hour indicators: Turning higher
Daily Indicators: Turning higher
Weekly Indicators: Turning higher
Preferred Strategy: The short term momentum indicators still look positive for further gains, although the hourlies appear to show some minor bearish divergence, but there is no change to the view of trading from the long side. Minor support will arrive at 0.9750 and at 0.9735 ahead of Friday’s low of 0.9705 and buying dips is preferred. Further out, if the dollar falls back below the 0.9690 (200 WMA/Weekly cloud base), we could then see a return to the 200 DMA/18 Apr low at 0.9655/50, below which stops would be triggered and we could see a return to 0.9625, although that currently looks unlikely. As long as we remain above the rising trend support I prefer to buy the dips although the recent acceleration higher has now seen the pair move away from the trendline which currently lies some way off, at 0.9625.
On the topside, the longer term momentum indicators are now picking up a bit of speed and beyond 0.9785/90 could see a run towards 0.9805/15 and then on to 0.9835 although possibly not today. If wrong, further gains could open the way to 0.9900 and then to 0.9975/1.0000.
Buy US$Chf @ 0.9740. SL @ 0.9785, TP @ 0.9835
| Resistance | Support | ||
| 0.9845 | 10 Jan high | 0.9750 | Minor |
| 0.9835 | (76.4% of 1.0038/0.9187) | 0.9736 | Session low |
| 0.9815 | 11 Jan high | 0.9705 | Friday low |
| 0.9800 | Minor | 0.9690 | 200 WMA/Weekly cloud base |
| 0.9787 | Session high/100 WMA | 0.9665 | 19 April low |
Economic data highlights will include:
Trade Balance
All content on this website, www.fxcharts.com.au (FX Charts PL) is a personal view only and offers absolutely no guarantee as to the correctness or otherwise of that opinion. The content here is of a “general nature” only and does not constitute personal or investment advice. The FX Charts website is not an inducement to trade Foreign Exchange (FX). No liability whatsoever is accepted for any loss or damage that may result, directly or indirectly, from any , comment, opinion, information or omission, whether negligent or otherwise, within the FX Charts Website. The information and any opinion or outlook expressed in this commentary may be based on assumptions or market conditions and may be liable change at any time, without notice.
Recommended Content
Editors’ Picks
EUR/USD consolidates recovery below 1.0700 amid upbeat mood
EUR/USD is consolidating its recovery but remains below 1.0700 in early Europe on Thursday. The US Dollar holds its corrective decline amid a stabilizing market mood, despite looming Middle East geopolitical risks. Speeches from ECB and Fed officials remain on tap.
GBP/USD advances toward 1.2500 on weaker US Dollar
GBP/USD is extending recovery gains toward 1.2500 in the European morning on Thursday. The pair stays supported by a sustained US Dollar weakness alongside the US Treasury bond yields. Risk appetite also underpins the higher-yielding currency pair. ahead of mid-tier US data and Fedspeak.
Gold appears a ‘buy-the-dips’ trade on simmering Israel-Iran tensions
Gold price attempts another run to reclaim $2,400 amid looming geopolitical risks. US Dollar pulls back with Treasury yields despite hawkish Fedspeak, as risk appetite returns.
Manta Network price braces for volatility as $44 million worth of MANTA is due to flood markets
Manta Network price is defending support at $1.80 as multiple technical indicators flash bearish. 21.67 million MANTA tokens worth $44 million are due to flood markets in a cliff unlock on Thursday.
Investors hunkering down
Amidst a relentless cautionary deluge of commentary from global financial leaders gathered at the International Monetary Fund and World Bank Spring meetings in Washington, investors appear to be taking a hiatus.