USDCHF: Prefer to buy dips

Jim Langlands FX Charts

USDCHF: 0.9959

Preferred Strategy: US$Chf had a choppy but rangebound session and closed the day pretty much unchanged.

The short-term indicators are neutral although the 4 hour charts may be picking up some mild positive momentum and suggest that we could see a run towards 0.9980/1.0000 again today. However, with the dailies still looking slightly heavy we may also see another decline towards the session low at 0.9936 and then to the 10 Nov low at 0.9920. Beyond that would open the way to 0.9890/9900, and then possibly to 0.9865 over the coming days although I don’t think we head back here today.

With the weekly momentum indicators generally looking positive, further dollar strength could be in store down the track, and if we can take out 1.0015/25 we could then head on to take another look at 1.0035/40. Above this there is little to hold the dollar up ahead of 1.0100, and beyond that to 1.1025 and 1.0170.

For now, look for the dollar to chop around current levels and possibly to head a little higher, but with the view of buying dips for an eventual move towards 1.1000+.

Buy US$Chf @ 0.9920. SL @ 0.9880, TP @ 1.0025.

24 Hour: Prefer to buy dips		Medium Term: Prefer to buy dips
FX Charts Position:	Long – Looking to add on dips.
Resistance		Support
1.0036/37	27 Oct high /1 Nov high	0.9936	Session low
1.0028	6 Nov high	0.9921	10 Nov low/9 Nov low
1.0017	9 Nov high	0.9900	Rising trend support
1.0000	Psychological	0.9890	(23.6% of 0.9420/1.0037)
0.9986	200 HMA /Session high	0.9868	25 Oct 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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