Daily Technical Outlook & Trading Ideals on USD/CHF: Sept 16, 2014

  DAILY USD/CHF TECHNICAL OUTLOOK
Last Update At 15 Sep 2014   23:50GMT

Trend Daily Chart
Up

Daily Indicators
Rising

21 HR EMA
0.9352

55 HR EMA
0.9351

Trend Hourly Chart
Sideways

Hourly Indicators
Neutral

13 HR RSI
53

14 HR DMI
+ve

Daily Analysis
Consolidation with `upside bias

Resistance
0.9455 - 2013 Sep high
0.9403 - 61.8% r of 0.9839-0.8698
0.9397 - Last Wed's fresh near 1-year high

Support
0.9312 - Y'day's low
0.9287 - Sep 05 low
0.9243 - Sep 04 NY morning sup


. USD/CHF - 0.93567... Despite dlr's gap-down open to 0.9312 in NZ on Mon due to initial firmness in euro, the pair quickly rebounded to 0.9345 at Asian open. Price continued to trade with a firm bias in Asia n Europe n climbed to session high at 0.9373 at NY open b4 retreating to 0.9341.

. Looking at the hourly n daily charts, dlr's aforesaid rebound fm 0.9312 strongly suggests the pullback fm last Wed's fresh near 1-year high at 0.9397 has ended there n consolidation with upside bias remains for the 3-legged upmove fm Mar's 2-1/2 year trough at 0.8698 to resume n yield re-test of said res, then 0.9403/06 (this is 61.8% r of 0.9839-0.8698 n 1.618 times extension of 0.8698-0.9037 measured fm 0.8857 respectively). However, as 'bearish divergences' wud appear the hourly indicators on such move, strg gain abv there is unlikely to be seen n reckon res at 0.9455 (Sep '13 high) wud remain intact n bring a much-needed correction later this week.

. Today, we are buying dlr again on dips for gain twd 0.9397 n only below sup at 0.9287 wud abort intra-day bullishness, risk stronger retracement of recent uptrend to 0.9255 (38.2% r of 0.9024-0.9397) b4 prospect of rebound.