USDCHF: Prefer to sell rallies

Jim Langlands FX Charts

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

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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