Resistance 3: 1.0580
Resistance 2: 1.0550/60
Resistance 1: 1.0520
Latest New York: 1.0443
Support 1: 1.0400
Support 2: 1.0380
Support 3: 1.0320/30
Rate likely to draw additional selling pressure on a drop back under the 100 bar MA today; look for sell signals the past three sessions to hold. Look for a short early this week; aggressive traders who sold USD/CHF on the close Friday can look to add soon. Overhead resistance at the 1.0600 handle but rate may be getting boost from other USD strength in other pairs. Rate continues to rotate up to and fail at the 100 bar MA area; the 1.0480 area looks to be poised to offer resistance again today but a sell off to end the day is needed. Buyers appear to be technical traders and expect some momentum accounts on the bid soon. No doubt some bids are profit-taking from the shorts but that won’t last in my view. Any rally likely to attract selling again so be ready for a short next week. In my view, the rate needs to be sold on any strength.
Data due Tuesday: All times EASTERN (-5 GMT)
3:15am CHF Industrial Production q/q
Analysis by: Forexpros.com written by Jason Alan Jankovsky
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