USDCHF: Mildly Bearish

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)

 

USDCHF

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