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 |
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