WEEKLY USD/CHF TECHNICAL OUTLOOKLast Update At 21 Mar 2016 00:28GMT
Trend Daily Chart
Down
Daily Indicators
Falling
21 HR EMA
0.9691
55 HR EMA
0.9772
Trend Hourly Chart
Down
Hourly Indicators
Turning up
13 HR RSI
54
14 HR DMI
+ve
Daily Analysis
Consolidation b4 one more fall
Resistance
0.9792 - Last Thur's high
0.9750 - Wed's low (now res)
0.9717 - Last Fri's high
Support
0.9651 - Last Thur's 4-month low
0.9611 - 2015 Oct 21 high (now sup)
0.9553 - 80.9% proj. of 1.0330-0.9661 fm 1.0094
. USD/CHF - 0.9698... Despite staging a corrective rise to 0.9914 last Wed, the pair tumbled to 0.6750 after dovish Fed minutes, price fell further on continued usd's weakness to 0.9651 Thur b4 staging a recovery to 0.6717 on Fri.
. Let's look at the bigger picture 1st, dlr's breach of Feb's low at 0.96 61 bottom to a 4-month trough at 0.9651 last Thur confirms MT 3-legged downtrend fm 2015 4-year peak at 1.0330 has finally resumed n should pressure price to 0.9553 (80.9% projection of 1.0330 to 0.9661 measured fm 1.0094), below would extend weakness twd 0.9477 (2015 Oct low). Therefore, selling the greenback on recovery in anticipation of decline to indicated downside targets is favoured. On the upside, only a daily above 0.9803 (previous low, now res) signals a temporary low has been made n may risk stronger retracement twds 0.9914 b4 retreat.
. Today, despite last Fri's intra-day fall fm 0.9717 (Europe) to 0.9658 in NY morning, subsequent rebound suggests initial choppy trading abv 0.9651 would continue, as long as 0.9750 holds, recent downtrend should resume. However, as hourly indicators would display prominent 'bullish converging' signals on next fall, reckon 0.9611 sup would hold on 1st testing n bring correction later.
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