USDCHF: Prefer to sell rallies

Jim Langlands FX Charts

USDCHF: 0.9729

US$Chf remains choppy but at this point is holding on above 0.9700, after a tight range of 0.9700/38).

The 4 hour charts now look pretty neutral, possibly pointing slightly higher, and on the topside, back above 0.9740 would open the way to 0.9775/85, 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, good support should be seen at 0.9700, but below 0.9690 would then open the way back to 0.9675 and to 0.9600/40 although this looks unlikely to be seen today.

Selling rallies towards 0.9775, with a SL placed above 0.0.9800 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)	0.9700	Session low
0.9825	15 May high	0.9691	22 May low
0.9804	19 May high	0.9675	Minor
0.9786	(23.6% of 1.0100/0.9691)	0.9635	Minor
0.9775	24 May high	0.9600	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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