Daily Technical & Trading Outlook USD/CHF

  DAIY USD/CHF TECHNICAL OUTLOOK
Last Update At 09 Aug 2016 00:05GMT

Trend Daily Chart
Sideways

Daily Indicators
Neutral

21 HR EMA
0.9820

55 HR EMA
0.9793

Trend Hourly Chart
Up

Hourly Indicators
Rising

13 HR RSI
61

14 HR DMI
+ve

Daily Analysis
Consolidation with upside bias

Resistance
0.9907 - Jul 21 high
0.9865 - Jul 28 high
0.9842 - Y'day's high

Support
0.9810 - Hourly chart
0.9783 - Fri's reaction low fm 0.9831
0.9752 - Fri's high (AUS), now sup

• USD/CHF - 0.9828... Although dlr traded narrowly in Asia y'day following Fri's post-NFP rally to 0.9831, price then edged higher in Europe on steady buying in eur/chf cross n later climbed to a 1-week peak of 0.9842 in MY morning.

• On the bigger picture, although dlr's decline fm 0.9951 (Jul's high) to as low as 0.9634 last week (Tue) suggests further volatile trading below 2016 peak at 0.9956 (May's high) would continue, last Fri's rally to 0.9831, then 0.9842 y'day due to broad-based usd's strength suggests upside bias remains n as long as 0.9721/25 sup holds, gain to 0.9907 is envisaged, however, break of res at 0.9951/56 needed to confirm upmove fm 2016 bottom at 0.9444 (May) to retrace MT fall fm 1.0330 (2015 5-year peak in Nov) has resumed, yield 0.9992 (61.8% r), then twd next chart obj. at 1.0094 (Mar top). Buying dlr on dips is favoured n only below 0.9721/25 prolong broad sideways move, yield weakness to 0.9634/36.

• Today, as current price is trading abv 21-hr n 55-hr emas, buying dlr on dips for gain twd 0.9890 (80.9% r fm 0.9951) is favoured, however, as hourly indicators would display 'bearish divergences' on next rise, reckon 0.9907 res would capp upside. Only below 0.8783/86 risks stronger retrace. to 0.9750/52.