Daily Technical Outlook on Major – USD/CHF : Apr 15, 2014

  DAILY USD/CHF TECHNICAL OUTLOOK
Last Update At 15 Apr 2014    00:09GMT

Trend Daily Chart
Sideways

Daily Indicators
Falling

21 HR EMA
0.8790

55 HR EMA
0.8785

Trend Hourly Chart
Sideways

Hourly Indicators
Rising

13 HR RSI
63

14 HR DMI
+ve

Daily Analysis
Initial recovery b4 retreat

Resistance
0.8899 - Mar 28 high
0.8846 - Last Wed's high
0.8806 - Y'day's high 0.8743 -

Support
Last Fri's 3-week low
0.8698 - Mar 13 low
0.8665 - 61.8% proj. of 0.9839-0.8891 fm 0.9251


. USD/CHF - 0.8804... The greenback rose to 0.8784 in NZ due to the gap-down open in euro n continued to strengthen in European session. Price climbed to session high of 0.8806 at NY open after the release of stronger-than-expected U.S. retail sales. Dlr eased to 0.8782 at European closing b4 rebounding.

. Looking at the hourly n daily charts, although Fri's rebound fm 0.8743 suggests MT downtrend fm 2012 peak at 0.9972 is not ready to resume yet n choppy trading abv Mar's fresh 2-year trough at 0.8698 wud continue, as dlr's sell off fm 0.8953 (Apr 6 high) to 0.8743 confirms the 1st leg of correction has ended, reckon 0.8846 wud limit upside n bring another fall. Below said 0.8743 low wud retain bearishness for a re-test of 0.8698 later this week, break wud confirm aforesaid decline has resumed n extend weakness to 0.8665 (61.8% projection of 0.9839-0.8891 measured fm 0.9251).

. Today, in view of abv analysis, we are looking to sell dlr on intra-day gain for subsequent strong retreat but 0.8743 shud hold. On the upside, abv 0.8846 wud indicate pullback fm 0.8953 has ended instead n turn outlook bullish for gain to 0.8899. However, res 0.8953 shud remain intact.