USDCHF: Prefer to sell rallies

Jim Langlands FX Charts

USD/CHF: 0.9982

US$Chf remained heavy into the weekend but remained within a tight range of 0.9942/86

As with EurUsd, the 4 hour momentum indicators seem to be picking up some support while at the same time the dailies are pointing increasingly lower, so in the short term we may be in for some choppy sideways trade but the preference is to sell dollars into any rally back towards parity. On the downside, 0.9940 is currently providing minor support but if that is taken out it could be that we make our way towards the 200 DMA at 0.9910, below which could then head towards 0.9850/70, albeit not yet.. On the topside, resistance will be seen at 1.0000/15, beyond which could head back to the 100 DMA, currently at 1.0060. Selling rallies seems to be the short term plan although back above 1.0020 may then signal further choppy sideways trade.

24 Hour: Prefer to sell rallies		Medium Term: Neutral
Resistance		Support
1.0138	10 Mar high	0.9941	Friday low
1.0100	14 Mar high	0.9930	8 Feb low
1.0060	100 DMA	0.9915	200 DMA
1.0015	16 Mar high	0.9900	Minor
1.0000	Psychological	0.9870	Minor

Economic data highlights will include:

T: SECO Economic Forecast, 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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