USDCHF: Prefer to sell rallies

USDCHF: 0.9985

US$Chf has had a rangebound session (0.9956/0.9990) leaving the outlook unchanged

As with yesterday, the 4 hour momentum indicators seem to be picking up some support, while at the same time the dailies are pointing increasingly lower, so we may be in for some choppy sideways trade. The preference remains to sell dollars into any rally at around 1.0010/15, but beyond which could head back to the 100 DMA, currently at 1.0060. On the downside, back below the session low of 0.9956 would find further, minor support at around 0.9940.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 today. Given the slightly negative look of the daily charts, selling rallies seems to be the short term plan although back above 1.0020 may then signal further choppy sideways trade. Keep SL on any shorts at around 1.0025/30.

24 Hour: Prefer to sell rallies   Medium Term: Neutral  
Resistance   Support  
1.0138 10 Mar high 0.9956 Session low
1.0100 14 Mar high 0.9941 17 March low
1.0060 100 DMA 0.9930 8 Feb low
1.0015 16 Mar high 0.9915 200 DMA
1.0000 Psychological 0.9870 2 Feb low



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