USDCHF: Mildly bearish – Prefer to buy dips

Jim Langlands FX Charts

USDCHF: 1.0064

US$Chf is a little lower today after a relatively tight 1.0053/1.0115 range.

While the dailies still look mildly constructive, the short term momentum indicators are pointing a little lower so a retest of the session lows would seem possible, below which we might head back towards minor support at 1.0020 ahead of the 1.000 pivot. Below here may be tricky, but if wrong we would break below the rising trend support and could see a run back to the 17 Feb low of 0.9965. On the topside, resistance will be seen at the session high ahead of the 1.0140, 22 Feb high. Beyond there will see decent sellers at 1.0160 and at 1.0200, although this looks likely to be delayed for a while. Buying dips still seems to be the plan given that the dailies look positive, but keep a SL below 1.0000.

24 Hour: Mildly bearish – Prefer to buy dips		Medium Term: Prefer to buy dips
Resistance		Support
1.0200	Minor	1.0053	Session low /200 HMA
1.0160	(61.8% of 1.0343/0.9861)	1.0023	21 Feb low
1.0140	22 Feb high	1.0010	20 Feb low /Rising trend support
1.0115	Session high	0.9965	17 Feb low
1.0085	Minor	0.9950	Minor

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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