Daily Technical Outlook & Trading Ideals on USD/CHF: Oct 29, 2014

  DAILY USD/CHF TECHNICAL OUTLOOK
Last Update At 29 Oct 2014   00:17GMT

Trend Daily Chart
Sideways

Daily Indicators
Neutral

21 HR EMA
0.9477

55 HR EMA
0.9490

Trend Hourly Chart
Near term down

Hourly Indicators
Rising fm o/s

13 HR RSI
38

14 HR DMI
-ve

Daily Analysis
Consolidation with a neutral bias

Resistance
0.9593 - Oct 10 high
0.9559 - Last Wed's high
0.9521 - Y'day's high

Support
0.9446 - Y'day's low
0.9398 - Last Tue's low
0.9360 - Oct 15 low

. USD/CHF - 0.9468... Dlr went through a roller-coaster session on Tue as despite initial rise to rebound to 0.9511 in European morning, price tumbled to session low of 0.9446 in NY morning after weak U.S. durable goods data. Dlr briefly bounced to 0.9481 on upbeat U.S. consumer confidence b4 stabilising.

. Looking at the hourly n daily charts, y'day's weakness to 0.9446 suggests the recovery fm Oct's low at 0.9360 has possibly ended at 0.9559 last Wed n choppy trading with mild downside bias wud be seen for marginal fall. On the bigger picture, as dlr's rally fm 0.9360 to 0.9559 suggests the 1st leg of correction fm Oct's 1-year peak at 0.9690 has ended there, reckon sup 0.9436, being the 'dynamic' 61.8% r shud remain intact n yield another rebound later. Abv 0.9521 wud indicate the pullback fm 0.9559 has ended n retain bullishness for a retest of said res, break, wud extend marginally but daily res at 0.9693 shud hold this week.

. Today, we are holding a long position entered y'day for recovery to 0.9225 n only below 0.9436 wud abort intra-day bullishness n risk further weakness to 0.9398, break wud confirm recovery fm 0.9360 has ended, 0.9360 later.