USDCHF: US$ bounces nicely off support. Retest of 0.9600 coming up? by Jim Langlands

USD/CHF: 0.9540
The dollar held the 0.9468 support today, where we now have a double bottom, and has bounced back to sit just below the session highs of 0.9555.Shorter term momentum remains positive and on the topside 0.9570 will provide the initial  resistance (200 HMA) ahead of 0.9600. There is no change in the longer term view and eventually I think 0.9600 will be overcome and that we will head on towards 0.9700, above which there is little to stop it heading to 0.9750 (July 2013 high) and to the May 2013 high at 0.9837.

The dailies are not hinting at any major up-move in the dollar yet though, so we may be in for some more consolidation and we could yet see a dip to 0.9530 (100 HMA) which will provide the initial support ahead of 0.9500. Below there we could see a return to 0.9470 and possibly to 0.9455 (23.6% of 0.8698/0.9686), although I think it unlikely. Buying dips remains the strategy.

Meta Trader – AxiTrader USD/CHF: 4 HourChf

 

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