USDCHF: Mildly Bearish

Jim Langlands FX Charts

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)

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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