USDCHF: Prefer to buy dips

Jim Langlands FX Charts

USDCHF: 0.9739

US$Chf traded a tight 30 point range on Friday, leaving the outlook unchanged.

Above last Thursday’s high of 0.9770 would allow a run towards 0.9785 and to 0.9800/05. Beyond there opens the way to 0.9825 and possibly higher, towards 0.9850 and eventually to 0.9915

On the downside, support will arrive at 0.9730 and again at the 15 June low at around 0.9700, which looks to be a decent buy area if we get there. Below 0.9700 would see a move back to 0.9675 and then towards the 100 MMA/14 June low which would provide strong support although it is looking increasingly distanUSDCHF: 0.9739

US$Chf traded a tight 30 point range on Friday, leaving the outlook unchanged.

Above last Thursday’s high of 0.9770 would allow a run towards 0.9785 and to 0.9800/05. Beyond there opens the way to 0.9825 and possibly higher, towards 0.9850 and eventually to 0.9915

With the daily momentum indicators leaning higher, I still prefer to trade from the long side, looking to buy dips towards the 0.9700 with a SL placed under 0.9675. A move above 0.9807 would add to the bullish theory.

24 Hour: Prefer to buy dips		Medium Term: Prefer to buy dips
Resistance		Support
0.9846	17 May high	0.9726	Friday low
0.9825	18 May high	0.9703	15 June low
0.9807	30 May high	0.9675	200 HMA
0.9770	15 June high	0.9640	100 MMA/14 June low
0.9756	Friday high	0.9613/16	6 June low /9 June low

Economic data highlights will include:

T: SECO Economic Forecasts

W: SNC Quarterly Bulletin

T: Trade Balance

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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