USDCHF traded a choppy 0.9574/0.9665 range

Jim Langlands FX Charts

USDCHF: 0.9589

US$Chf traded a choppy 0.9574/0.9665 range on Thursday, and with the momentum indicators mixed a cautious stance is required.

1 hour/4 hour indicators: Neutral – Turning higher?

Daily Indicators: Turning lower

Weekly Indicators: Neutral

Preferred Strategy: The daily charts still look heavy but the 4 hour momentum indicators may be building a basing formation and we now have a minor triple bottom at 0.9572/75. If this holds we could then see a retest of the 0.9650/65 area, above which could see a return towards 0.9700/20. If 0.9570 gives way, look for a dip towards 0.9550, which should be strong, but below which would open the way to 0.9500.

Resistance		Support
0.9680	23.6% of 1.0004 /0.9572	0.9572	17 Jan low
0.9665	Session high	0.9550	100 MMA /Rising trend support
0.9650	17 Jan high	0.9515	Minor
0.9625	Minor	0.9500	Minor
0.9600	Minor	0.9485	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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