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 |
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