USDCHF: Neutral

Jim Langlands FX Charts

USDCHF: 0.9634

US$Chf fell sharply on Wednesday, along with all the Chf crosses, as demand for the Swiss Franc soared on the back of safe haven demand following Donald Trump’s comments. Having earlier reached a high of 0.9772 following the previous session’s strong US jobs data, the dollar then turned sharply lower to trade down 0.9611, before closing the day at 0.9635.

On the downside, the dollar has so far pulled up just ahead of the 100 MMA (0.9600), which should be decent support but below which would allow a move towards 0.9565, 0.9545 and eventually to 0.9515.

On the topside, resistance will be seen at 0.9670 ahead of 0.9700 although it seems unlikely that we head back above here for a while. If wrong, look for an eventual squeeze back towards the 0.9772 session high.

Preferred Strategy: Neutral

24 Hour: Neutral		Medium Term: Neutral
Resistance		Support
0.9772	8 Aug high	0.9611	Session low
0.9725	Minor	0.9600	100 MMA
0.9695	200 HMA	0.9585	Minor
0.9670	Minor	0.9565	(61.8% of 0.9440/0.9772)
0.9655	Minor	0.9545	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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