USDCHF: Prefer to sell rallies

Jim Langlands FX Charts

USDCHF: 0.9730

US$Chf traded a tight range of 0.9734/76 on Wednesday leaving the outlook unchanged.

The 4 hour charts still look positive, and on the topside, back above the session high would run into offers at 0.9785, above which could see a run back to 0.9800/10. Back above here would then run towards 0.9845, although possibly not today.

The dailies though still point to further medium term weakness, and on the downside, support should be seen at around 0.9715/20 ahead of the previous session low at 0.9701. Back below 0.9700 would then open the way back to the 22 May low and then to 0.9675 and to 0.9600/40 although this looks unlikely to be seen for a while.

Selling rallies towards 0.9800, with a SL placed above 0.9820 could be a plan.

24 Hour: Prefer to sell rallies		Medium Term: Mildly Bearish
Resistance		Support
0.9845	(38.2% of 1.0100/0.9691)	0.9734	Session low
0.9825	15 May high	0.9715	Rising trend support
0.9804	19 May high	0.9701	23 May low
0.9786	(23.6% of 1.0100/0.9691)	0.9691	22 May low
0.9775	Session high	0.9675	Minor

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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