USDCHF: Now above the monthly cloud. Looking to accelerate? by Jim Langlands

USD/CHF: 0.9725
The dollar is higher again today as it continues its choppy consolidation below the 7 Nov 0.9741 high.The shorter term indicators appear to suggest that the dollar may now have the legs to head higher, where above 0.9741, the targets would be 0.9789 (29 May 2013 high) and eventually 0.9838 (22 May 2013 high).

Back below 0.9700 would head back towards 0.9680, where as we said on Monday, the top of the monthly cloud lies (chart below) and will now become strong support. A break would take us back into the cloud where support lies at 0.9650 (100/200 HMAs), but which looks rather unlikely to be seen again for a while.

Use 0.9680/0.9780 as a guide today with a preference to trading from the long side.

Economic data highlights will include:

GDP.

Meta Trader – AxiTrader USD/CHF: 4 HourChf

Chf

 

The post USDCHF: Now above the monthly cloud. Looking to accelerate? appeared first on FX Charts Daily.

The post USDCHF: Now above the monthly cloud. Looking to accelerate? appeared first on www.forextell.com.

Leave a Reply