WEEKLY USD/CHF TECHNICAL OUTLOOKLast Update At 27 Jul 2014 23:30GMT
Trend Daily Chart
Sideways
Daily Indicators
Rising
21 HR EMA
0.9041
55 HR EMA
0.9031
Trend Hourly Chart
Up
Hourly Indicators
Bearish divergences
13 HR RSI
66
14 HR DMI
+ve
Daily Analysis
Consolidation b4 upmove resumes
Resistance
0.9157 - Jan 21 high
0.9082 - Feb 03 high
0.9052 - Lst Fri's 5-1/2 mth high
Support
0.9038 - Last Thur's high
0.9008 - Last Thur's low
0.8972 - Mon's low
. USD/CHF - 0.9048... The pair moved in exact opposite direction to eur/usd last week. Price met renewed buying at 0.8972 on Mon n rallied to a 5-1/2 month peak of 0.9038 Thur. Despite a brief pullback to 0.9008, the pair later climbed to 0.9052 due to usd's broad-based strength in NY session on Fri.
. Let's look at the bigger picture 1st, dlr's break of Jun's 0.9037 high to 0.9052 Fri confirms the 3-legged MT upmove fm 2014 near 2-1/2 year bottom at 0.8698 (Mar) has resumed. As long as 0.9004/08 holds, aforesaid rise shud head to next daily obj. at 0.9082 (Feb's top), abv wud bode well for dlr to extend twd 2014 peak at 0.9156 (Jan high). Having said that, as the daily oscillators' readings wud be in o/bot territory on such move, upside wud be ltd to 0.9196, this is equality proj. of 0.8698-0.9037 measured fm 0.8857 n chart res at 0.9251 (Nov 2013 top) shud remain intact. On the downside, only a daily close below 0.8972 (last week's low) signals dlr's uptrend fm 0.8698 has made a temp. top.
. Today, as current price is trading abv 21-hr n 55-hr emas, buying on dips is favoured but 'bearish divergences' on the hourly indicators shud cap price at 0.9100/03 n risk has increased for a minor correction to take place later.
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