DAILY USD/CHF TECHNICAL OUTLOOKLast Update At 11 Mar 2016 00:23GMT
Trend Daily Chart
Sideways
Daily Indicators
Turning down
21 HR EMA
0.9898
55 HR EMA
0.9934
Trend Hourly Chart
Down
Hourly Indicators
Rising fm o/s
13 HR RSI
34
14 HR DMI
-ve
Daily Analysis
Consolidation with downside bias
Resistance
0.9940 - WEed's low (now res)
0.9902 - Tue's low (now res)
0.9879 - Last Fri's low (now res)
Support
0.9810 - Y'day's low
0.9791 - Feb 12 high (now sup)
0.9755 - Hourly chart
. USD/CHF - 0.9847... Although the greenback briefly jumped to a 1-month high at 1.0094 at NY open on selloff in euro, price quickly tumbled on intra-day rally in euro n later fell to 0.9810 after ECB Draghi's 'no rate cut' comments.
. Looking at the hourly n daily charts, despite y'day's brief rally abv Wed's high at 1.0039 to 1.0094, subsequent selloff suggests recent erratic rise fm Feb's 0.9661 trough to retrace dlr's MT downtrend fm 2015 4-year peak at 1.0330 (Nov) has ended n consolidation with downside bias is seen, below 0.9788(being 70.7% r of 0.9661-1.0094) would bode ill for the greenback n yield weakness twd 0.9661 in late Mar/Apr. Therefore, selling dlr in anticipation of further decline to 0.9788 n then re-test pf 0.9661 is favoured. On the upside, only a daily close abv 0.9940 (Wed's low, now res) would dampen bearishness on dlr, however, 1.0094 top should hold fm here.
. Today, in view of abv bearish scenario, we are selling dlr on intra-day recovery as 0.9902 should cap upside n yield marginal fall. However, as hourly oscillators readings would be in oversold territory n 0.9788 may hold on 1st testing n yield a much-needed minor correction later today or Mon.
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