USDCHF: 0.9897
Preferred Strategy: US$Chf had a tough session in falling hard, in line with the move in the Euro, and finishing near the day’s low of 0.9881.
The 4 hour/daily momentum indicators are warning of further losses ahead, which if correct would target 0.9865/70, and below there could see a run towards 0.9835 and 0.9800.
The topside currently looks a little limited, but a good US CPI could see a run back towards 0.9940 and to the session high of 0.9970, and then possibly back towards parity although the momentum indicators don’t really suggest such a move.
Further out, given the positive look of the weeklies, if we can eventually take out 1.0015/25 we could then head on to take another look at 1.0035/40, above which there is little to hold the dollar up ahead of 1.0100, and beyond that to 1.1025 and 1.0170.
| 24 Hour: Mildly Bearish | Medium Term: Prefer to buy dips | ||
| FX Charts Position: | Long – SL @ 0.9840. | ||
| Resistance | Support | ||
| 1.0017 | 9 Nov high | 0.9881 | Session low |
| 0.9986 | 13 Nov high | 0.9868 | 25 Oct low |
| 0.9970 | Session high | 0.9850 | Minor |
| 0.9940 | Minor | 0.9830/35 | 23 Oct low/100 WMA |
| 0.9925 | Minor | 0.9800 | (38.2% of 0.9420/1.0037) |
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