USDCHF: Neutral

Jim Langlands FX Charts

USDCHF: 0.9731

Preferred Strategy: Having broken down through the previous rising trend support, US$Chf remains heavy and has traded down to 0.9716, with little bounce heading into the US close. The dailies appear to have run out of steam on the topside, and with the 4 hour charts looking heavy a retest of the lows and possibly 0.9700 would not really surprise today. In the medium term I still like the dollar higher though, looking for a return towards 0.9800 and eventually for a run towards parity although it will take a decent US CPI figure tomorrow to see us make any headway. A close above the 200-DMA (0.9850) would help extend the uptrend – patience may be required! Neutral.

24 Hour: Neutral		Medium Term: Prefer to buy dips
Resistance		Support
0.9850	200 WMA	0.9716	Session low
0.9835	200 DMA/(61.8% of 1.0099/0.9420) /6 Oct high	0.9710	4 Oct low
0.9807	9 Oct high	0.9685	Minor
0.9789	10 Oct high	0.9676	2 Oct low (38.2% of 0.9420/0.9836) /
0.97766	Session high	0.9642	25 Sept low

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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