Daily Technical Outlook & Trading Ideals on USD/CHF: Dec 18, 2014

  DAILY USD/CHF TECHNICAL OUTLOOK
Last Update At 17 Dec 2014   23:59GMT

Trend Daily Chart
Up

Daily Indicators
0.9678

21 HR EMA
Bearish divergences

55 HR EMA
0.9653

Trend Hourly Chart
Sideways

Hourly Indicators
Rising

13 HR RSI
72

14 HR DMI
+ve

Daily Analysis
Consolidation with upside bias

Resistance
0.9818 - Dec's peak
0.9778 - Last Tue's high
0.9747 - Wed's high

Support
0.9695 - Hourly res
0.9627 - Post-FOMC low
0.9593 - Hourly chart

. USD/CHF - 0.9733... The greenback traded with a firm bias in Asia y'day n ratcheted higher in European session. Price rallied to 0.9695 in NY morning on dovish comments fm ECB member Coueure n despite a sharp pullback to 0.9627 after FOMC statements, dlr rallied to 0.9747 on comments by Fed Chair Janet Yellen.

. Looking at the hourly n daily charts, dlr's rally fm Tue's low at 0.9554 to 0.9747 signals correction fm Dec's fresh 1-1/2 year peak at 0.9818 has ended there n upside bias wud be seen for gain twd this top after consolidation, abv there wud confirm MT uptrend fm 2014 near 2-1/2 year trough at 0.8698 (Mar) has resumed n yield initial headway to 0.9875, this is 61.8% projection of intermediate rise fm 0.8857-0.9690 measured fm 0.9360, however, as the daily technical indicators wud display prominent 'bearish divergences' on such move, reckon 'psychological' barrier at 1.0000 wud remain intact this month. Therefore, buying dlr on dips is favoured as only below 0.9554 wud abort bullishness on dlr.

. Today, the greenback is expected maintain a firm undertone in Asia following the post-FOMC rally, 0.9695 (Wed's NY morning high, now sup) shud contain pullback n yield further gain but 0.9818 peak may hold on 1st testing.