USDCHF: Prefer to buy dips

USDCHF: 0.9802

US$Chf had a choppy session, falling to 0.9758 before a bounce to 0.9825 and then closing at 0.9800.

The daily momentum indicators are still pointing sharply lower while the short term charts, having become oversold, are attempting to turn higher so further short term consolidation may be needed. If we do head lower, then below the 0.9758 session low, there is then little support to be seen until we reach 0.9735 and 0.9705. A break of the rising trend support would then open the way to 0.9600/40 although that remains some way off.

On the topside, the initial resistance will come in at 0.9825, above which could see a run back to 0.9840 and then to 0.9885 and even towards 0.9825 although this seems unlikely today.

A choppy session seems possible, with the chance of a minor squeeze to the topside.

24 Hour: Prefer to buy dips   Medium Term: Mildly Bearish  
Resistance   Support  
0.9928 (50% of 1.0100/0.9758) 0.9758 17 May low
0.9900 Minor 0.9735 (76.4% of 0.9549/1.0343)
0.9885 (38.2% of 1.0100/0.9758) 0.9705 Rising trend support
0.9840 (23.6% of 1.0100/0.9758) 0.9675 Minor
0.9824 Minor 0.9640 Minor



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