USDCHF: Prefer to buy dips

Jim Langlands FX Charts

USD/CHF: 0.9961

US$Chf made further, minor gains today in line with the move lower in €/Usd, reaching the first resistance level by topping out the session at 0.9975.

As before, the charts are rather mixed and while the short term momentum indicators do hint that we may see a further recovery from current levels the daily charts look rather indecisive, but having been heading lower they are now possibly leaning to point higher so a cautious stance is probable prudent. Resistance lies ahead at 0.9975 but above which could see a return to parity and above, where 1.0030 and 1.0080 would provide hurdles. On the downside, minor support lies at 0.9935/25 and 0.9900. Back below 0.9900 further minor support will be seen at 0.9860 ahead of the 0.9815/30 area although this seems unlikely to be seen again for a while. Although rather neutral, buying dips towards 0.9920 seems to be a plan, with a tight SL placed under 0.9900.

24 Hour: Prefer to buy dips		Medium Term: Neutral
Resistance		Support
1.0113	13 Mar high	0.9925	200 HMA
1.0085	(76.4% of 1.0170/0.9813)	0.9912	Session low
1.0031	(61.8% of 1.0170/0.9813)	0.9900	100 HMA
1.0000	Psychological	0.9875	Minor
0.9975	Session high	0.9830	28 Mar 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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