DAILY USD/CHF TECHNICAL OUTLOOKLast Update At 21 Jan 2016 00:03GMT
Trend Daily Chart
Sideways
Daily Indicators
Neutral
21 HR EMA
1.0031
55 HR EMA
1.0033
Trend Hourly Chart
Sideways
Hourly Indicators
Falling
13 HR RSI
60
14 HR DMI
+ve
Daily Analysis
Choppy consolidation to continue
Resistance
1.0107 - Last Wed's high
1.0094 - Last Thur's high
1.0083 - Tue's high
Support
0.9991 - Y'day's low
0.9958 - Last Fri's low
0.9922 - 07 Jan low
. USD/CHF - 1.0065... Dlr ended little changed near NY close on Wed after a volatile session. Although price retreated fm 1.0042 (AUS) to 0.9992 in Europe, then 0.9991 in NY morning, dlr rebounded to 1.0059 near NY closing.
. On the the bigger picture, although dlr's rally fm Dec's 6-week low at at 0.9786 to at the start 1.0126 in Jan suggests 1st leg of correction fm 2015 Nov's 4-year peak at 1.0330 has ended there, subsequent fall to 0.9881 last Mon suggests further 'volatile' sideways swings below 1.0126 would continue. Therefore despite dlr's erratic rise to 1.0108 (Wed) n then retreat to 0.9958 on Fri n Tue's cross-inspired rise to 1.0083, intra-day fall signal further gyrations inside indicated 1.0126-0.9881 range would continue. Our weekly strategy is holding a short position in anticipation of another fall n only abv 1.0126 risks stronger gain twd 1.0171 (70.7% r of 1.0330-0.9786) but 1.0226 res should hold.
. Today, as y'day's rebound fm 0.9991 suggests more choppy trading inside recent range of 1.0107-0.9958 would continue with upside bias, we are buying on dips for gain twds 1.0080 n would exit on next rise as indicated upper level is expected to remain intact. Only below 0.9991 aborts, risks weakness twd 0.9958.
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