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 |
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