USDCHF: 1.0011
US$Chf was choppy on Wednesday, trading a range of 0.9983/1.0018, and currently unchanged from this time yesterday at 1.0010, further choppy sideways trade looks possible.
1 hour/4 hour indicators: Neutral.
Daily Indicators: Possible topping formation.
Weekly Indicators: Up
Preferred Strategy: The short term momentum indicators look neutral again today, while the dailies still look a little toppish and it maybe that the recent uptrend has now run its course, possibly with some choppy trade ahead, allowing the charts to unwind. The weekly charts still point higher though, so looking to buy dips remains the medium/longer term strategy.
If the dollar heads lower, support will again be seen at 0.9975/85, ahead of 0.9955/60 and minor levels at 0.9935/15 ahead of the 1 May low of 0.9890. This looks unlikely right now but if wrong, on a break of 0.9890, further bids should arrive at 0.9870 and at 0.9845/50.
On the topside, above Tuesday’s 1.0020, decent resistance will be seen at the trend high of 1.0055, which looks unlikely to be taken out today, but above which would open the way to 1.0065/70, which is a major Fibo level, and to 1.0100. Further out we are potentially looking at a run up to 1.0170 and even to the December 2016 high of 1.0343 albeit probably not for a while to come.
Buy US$Chf @ 0.9960. SL @ 0.9930, TP @ 1.0100
| Resistance | Support | ||
| 1.0107 | Apt 2017 high | 1.0000 | Pivot |
| 1.0099 | May 2017 high | 0.9983 | 15 May low /Session low |
| 1.0067 | (76.4% of 1.0343/0.9187) | 0.9957 | 14 May low |
| 1.0055/56 | 7 May high /9 May high /11 May high | 0.9935 | 2 May low |
| 1.0041 | 15 May high | 0.9890 | 1 May low |
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 clings to daily gains above 1.0650
EUR/USD gained traction and turned positive on the day above 1.0650. The improvement seen in risk mood following the earlier flight to safety weighs on the US Dollar ahead of the weekend and helps the pair push higher.
GBP/USD recovers toward 1.2450 after UK Retail Sales data
GBP/USD reversed its direction and advanced to the 1.2450 area after touching a fresh multi-month low below 1.2400 in the Asian session. The positive shift seen in risk mood on easing fears over a deepening Iran-Israel conflict supports the pair.
Gold holds steady at around $2,380 following earlier spike
Gold stabilized near $2,380 after spiking above $2,400 with the immediate reaction to reports of Israel striking Iran. Meanwhile, the pullback seen in the US Treasury bond yields helps XAU/USD hold its ground.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price shows no signs of directional bias while it holds above $60,000. The fourth BTC halving is partially priced in, according to Deutsche Bank’s research.
Week ahead – US GDP and BoJ decision on top of next week’s agenda
US GDP, core PCE and PMIs the next tests for the Dollar. Investors await BoJ for guidance about next rate hike. EU and UK PMIs, as well as Australian CPIs also on tap.