USDCHF: Buy @ 0.9790

Jim Langlands FX Charts

USDCHF: 0.9830

US$Chf had another squeeze higher on Wednesday as it moved up from 0.9780 to 0.9850, closing near the highs. EurChf had another run at 1.2000, which has so far failed but keeps the Chf under some pressure both in the cross and against the US$.

1 hour/4 hour indicators: Mixed.

Daily Indicators: Up

Weekly Indicators: Up

Preferred Strategy: The longer 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 0.0.9800 and at 0.9780 ahead of 0.9765, 0.9735 and last Friday’s low of 0.9705, and buying dips is still preferred.

On the topside, the longer term momentum indicators are now pointing higher, and beyond 0.9845/50 could see a run towards 0.9900/15 and then to 0.9975/1.0000 albeit not today.

Given the look of the short term momentum indicators, either hang on to current long positions or look to buy dips toward 0.9790/0.9800.

Buy US$Chf @ 0.9790. SL @ 0.9740, TP @ 0.9900

Resistance		Support
0.9915	26 Dec high	0.9800	Minor
0.9900	Minor	0.9780	100 DMA /Session low
0.9870	Minor	0.9767	24 April low
0.9845/47	10 Jan high/Session high	0.9736	23 April low
0.9835	(76.4% of 1.0038/0.9187)	0.9705	Friday low

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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