WEEKLY USD/CHF TECHNICAL OUTLOOKLast Update At 22 Sep 2014 00:04GMT
Trend Daily Chart
Up
Daily Indicators
Rising
21 HR EMA
0.9393
55 HR EMA
0.9378
Trend Hourly Chart
Up
Hourly Indicators
Rising
13 HR RSI
60
14 HR DMI
+ve
Daily Analysis
Consolidation b4 one more rise
Resistance
0.9485 - 61.8% r of 0.9972-0.8698
0.9455 - 2013 Sep high
0.9433 - Last Thur's high
Support
0.9370 - Last fri's NY low
0.9332 - Last Thur's low
0.9301 - Last Tue's low
. USD/CHF - 0.9402... Dlr swung wildly last week. Despite ratcheting lower at the start of last week to 0.9301 on Tue, price jumped on Wed after FOMC n climbed to 0.9433 on Thur in Australia but fell to 0.8332 after SNB kept policy unchanged. Fri's selloff in eur/usd lifted the pair to 0.9411 near NY close.
. Let's look at the bigger picture 1st, despite a brief pullback fm last Thur's fresh 1-year peak of 0.9433, Fri's rebound signals correction is over n the MT 3-legged rise fm 2014 near 2-1/2 year trough at 0.8698 (Mar) to retrace LT decline fm 0.9972 (2012 high in Jul) wud head to 'dynamic' res at 0.9485, being 61.8% r of aforesaid fall, however, as hourly indicators wud display 'bearish divergences' on such a move, reckon 0.9599 (this is 70.7% r fm 0.9972) wud cap upside this week. On the downside, only a daily close below 0.9301 (last week's low on Tue) wud confirm temporary top is in place n risk stronger correct ion twd 0.9213 ( 'minimum' 38.2% r of 0.8857-0.9433).
. Today, as current price is trading abv the 21-hr & 55-hr emas, buying dlr on dips for resumption of uptrend is favoured n only below 0.9332 'prolongs' choppy consolidation below 0.9433 n risks weakness to 0.9301, then 0.9287.
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